The Hindu : Business : Sensex recovers 35 points

Online edition of India's National Newspaper
Tuesday, Dec 14, 2004

Business

Business

Sensex recovers 35 points

MUMBAI, DEC. 13. Share prices recovered smartly during the later part of trading on the Bombay Stock Exchange here today due to fresh buying by foreign funds and the Sensex rose by 35.18 points to close at 6268.72.

News of higher exports in November and raising the forecast for industrial production growth in the current fiscal to 7.25 per cent over the earlier estimate of 7 per cent by the Centre for Monitoring Indian Economy (CMIE) today weighed positively on market sentiment. BSE-30 share sensitive index resumed slightly lower at 6231.47 against last Friday's close of 6233.54 and touched a low of 6220.58. Later, emergence of good buying pushed the index up to a high of 6274.24 before closing at 6268.72. Earlier, Reliance group shares, which were battered on the news of two independent directors of Reliance Energy expressing concern over the future prospects of the company, recovered smartly towards the fag-end on good institutional buying at lower levels and RIL, REL and IPCL managed to close in the positive terrain, dealers said.

Stability in global crude oil prices, which hovered around $41 a barrel in early Asian trade today, also aided the sentiment.

Index-based scrips such as Grasim, HDFC, HDFC Bank, Hero Honda, HPCL, Infosys Technologies, ONGC, Ranbaxy, RIL, REL, Tisco and Wipro closed with marked to moderate gains.

Hotel shares such as Indian Hotel and EIH were in the limelight on renewed buying on expectation of an increase in tourists traffic due to the forthcoming Christmas holidays.

The broad-based BSE-100 index also recovered by 20.45 points to 3382.34 — PTI

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