The Hindu : International : MUL news cheers market

Online edition of India's National Newspaper
Thursday, Sep 23, 2004

International

International

MUL news cheers market

MUMBAI, SEPT. 22. Market sentiment cheered up the positive news about the Government's amicable settlement with Suzuki Motor Corporation, lifting the Sensex by 10.94 points to 5616.87 on the Bombay Stock Exchange today on good buying support.

The Government today had its way in reaching an `amicable' settlement with SMC which agreed to give a `major role' to Maruti Udyog in manufacturing plants beings established in India by the Japanese auto giant as part of its Rs. 1,000 crore investment.

As soon as the news reached the market, the table turned in favour of bulls and select blue chip counters attracted renewed buying, lifting the Sensex high, dealers said.

The BSE-30 share sensitive index opened slightly lower at 5600.21 and moved erratically between 5638.70 and 5571.84 before concluding at 5616.87, a net rise of 10.94 points.

Majority of banking counters attracted fresh buying support and most of them registered marked to moderate gains and as a result the sectoral index Bankex flared up by 67.58 points or 2.46 per cent to close at 2813.94.

Foreign institutional investors continued their buying spree and were said to be picked up shares worth Rs. 220 crores on Monday while domestic mutual funds which reported net sales of Rs. 114 crores in two sessions on September 17 and 20, were seen booking profits in select blue chip stocks at the prevailing attractive price levels, a broker said.

The broad-based BSE-100 index advanced by 9.88 points to 3009.98.

The volume of business was relatively high at Rs. 2,113.41 crores against Rs. 1,967.99 crores.

PTI

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