The Hindu : Business : Equities forge ahead

Online edition of India's National Newspaper
Wednesday, Nov 24, 2004

Business

Business

Equities forge ahead

MUMBAI, NOV. 23. Equities continued to forge ahead and the Sensex once again rallied past the 6000-mark to close at 6009.86, up 46.06 points, on the Bombay Stock Exchange on Tuesday on frenzied buying by foreign funds.

Market analysts said foreign institutional investors became active after the statement by Reliance Industries Chairman, Mukesh Ambani, on Monday that all ownership issues pertaining to the Reliance group were settled by Dhirubhai Ambani during his lifetime. However, RIL showed marked fall on fresh selling pressure as the market remained in a state of flux awaiting Reliance Vice-Chairman Anil Ambani's statement on the issue.

The BSE-30 share sensitive index opened strong at 5982.91 against yesterday's close of 5963.80 and gradually moved upwards to a high of 6031.59 before concluding at 6009.86. The broadbased BSE-100 index improved by 30.93 points to 3228.92.

Foreign institutional investors made all round purchases today and reportedly were net buyers worth Rs. 1,360.70 crores last week.

Operators and hedge funds were said to be engaged in hectic short-covering ahead of the expiry of November contract on Thursday, mainly forced by sustained buying by the FIIs.

Shares from index family such as ITC, Grasim, BHEL, ONGC, Tata Motors, Maruti, Satyam Computer, Ranbaxy, Tata Power, Wipro, Zee Telefilms, HPCL, Hindalco, HDFC Bank, GACL, ACC, Tisco, SBI and Bharti Tele-Ventures ended with sharp gains.

With the auto and public sector undertakings (PSUs) counters leading the pack, cement stocks also attracted renewed buying on the back of reports of strong despatches.

The volume of business was relatively up at Rs. 1,883.61 crores against Rs. 1,810.72 crores.

PTI

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