The Hindu : Business : Bank, auto shares fancied

Online edition of India's National Newspaper
Wednesday, Nov 17, 2004

Business

Business

Bank, auto shares fancied

MUMBAI, NOV. 16. Led by banking and auto sectors, the market once again hit the magic 6000-mark before ending at 5996.70 today in an otherwise restricted activity with foreign funds playing pivotal role amid sliding global oil prices.

For the second consecutive session, the BSE barometer breached the psychologically important 6000-mark, minutes before the close of trading but shied away from ending at the crucial level, that, brokers said, was expected to pave the way for a smart price rally.

The BSE benchmark 30-share index opened moderately higher at 5970.04 and later fluctuated between 6002.03 and 5949.24 before ending at 5996.70 against last Friday's (Moorat session) close of 5964.01, a net rise of 32.69 points.

Banking and auto as well as mid-cap counters attracted fairly good buying interest as activity picked up after the mid-session with investors shifting focus to low-priced stocks.

Attributing lacklustre activity and low volume to the prevailing holiday mood, brokers anticipated the activity to pick up shortly with key crude-oil-price factor providing necessary ground for the market to take-off. In the specified group, losses, however, outnumbered gains by 100 to 94 including 16 index-based counters.

— PTI

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