The Hindu : Business : Sensex up 51 points on fresh buying

Online edition of India's National Newspaper
Wednesday, Nov 03, 2004

Business

Business

Sensex up 51 points on fresh buying

MUMBAI, NOV. 2 . Equities scored impressive gains for the second straight day lifting the Sensex by another 51 points at close in lacklustre activity on the Bombay Stock Exchange on fresh buying support prompted by a plunge in crude prices in Asian trade this morning. The BSE benchmark 30-share index opened firm at 5713.24 and gradually moved upwards to the intra-day high of 5765.14 before ending at 5754.76 against yesterday's close of 5704.10, a net rise of 50.66 points.

The market found respite as global crude oil prices slipped below $50 a barrel in Asian trade but the volume still remained low due to cautious approach by investors following concerns over the U.S. presidential elections.

Buying support was in the form of short covering by some operators, said brokers, even as foreign institutional investors and local funds reported fairly heavy net investments last week.

Blue chip counters including Reliance, ITC, HLL, Grasim, GACL, Bajaj Auto, HDFC, Ranbaxy and D.r Reddy's registered remarkable gains on fresh buying support.

However, Infosys Technologies and L&T fell sharply due to selling pressure. The broad-based BSE-100 index improved by 27.46 points to 3075.28.

he volume of business was relatively high at Rs. 1,537.70 crores against Rs. 1,414.98 crores.

PTI

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