The Hindu : Business : Metal shares in the limelight

Online edition of India's National Newspaper
Wednesday, Dec 29, 2004

Business

Business

Metal shares in the limelight

MUMBAI, DEC. 28. Achieving another landmark, the benchmark index zoomed further by 50.45 points to finish at a new high of 6563.48 on the Bombay Stock Exchange today on sustained buying by foreign funds and domestic institutions.

Terming Reliance Industries' announcement at its Monday's board meeting to buyback its shares at Rs. 570 as positive, operators and institutional investors went on a buying spree, with shares of the company closing smartly higher at Rs. 528.10 against yesterday's close of Rs. 516.85.

The metal segment continued to be the star performer and a host of shares such as Tata Steel, Hindalco, SAIL, Ispat Industries, Jindal Steel and Jindal Iron closed with sharp gains on expectation of firm price trend in global and domestic markets.

Besides RIL and Tata Steel, select index-heavyweights such as BHEL, Grasim, HDFC Bank, Hindalco, HPCL, ITC, L&T, Satyam Comuter and SBI also closed firm, aiding the Sensex to end higher.

The BSE-30 share sensitive index opened slightly better at 6517.90 against yesterday's close of 6513.03 and soon shot up to an all time intra-day high of 6568.57 before concluding at 6563.48.

The upsurge in the Sensex could be gauged by sharp to moderate rise in 23 out of 30 index-based scrips.

Foreign institutional investors continued to be in buying mood and reportedly picked up shares worth Rs. 897.80 crores in the last week while local funds also bought shares worth Rs. 173.37 crores during the same period.Select second-line shares also continued their northward journey on good buying support from operators and retail investors, indicating more retail participation coming in, a broker said. The broad-based BSE-100 index gained by 28.31 points to 3561.99.

The volume of business was remarkably higher at Rs. 2,313.76 crores against Rs. 2,016.18 crores. Tata Steel were the top traded scrip with a turnover of Rs. 186.98 crores followed by RIL (Rs. 156.35 crores), Tata Teleservices (Rs. 87.32 crores), SAIL (Rs. 82.20 crores) and SBI (Rs. 76.62 crores).The BSE-200 and the Dollex-200 were quoted higher at 881.59 and 335.26 against 873.47 and 331.72 respectively.

— PTI

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