The Hindu : Business : Sensex jumps 111 points

Online edition of India's National Newspaper
Friday, Apr 01, 2005

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Business

Sensex jumps 111 points

MUMBAI, MARCH 31. The Sensex, led by IT sector, today spurted by 111 points to end at 6492.82 on the Bombay Stock Exchange on fresh round of buying from domestic mutual funds and operators, extending the gains to second straight session.

Heavy short-covering was witnessed in software majors such as Infosys Technologies, Wipro and Satyam Computer even as the gains were spread over a broad front.

ITC, Bajaj Auto, ONGC, BHEL and ICICI Bank were the major contributors to the Sensex's hefty rise. The BSE benchmark 30-share index opened strong at 6404.78 and gradually moved upwards to the intra-day high of 6509.02 before ending at 6492.82 against yesterday's close of 6381.40, a net rise of 111.42 points or 1.75 per cent.

Domestic mutual funds and operators reportedly were heavy buyers at the last trading session of the current fiscal.

Foreign institutional investors, however, reported a net outflow of $396 million on March 29, the highest withdrawal in a single day, which was attributed by market players to ICICI Bank's ADS conversion offer.

Local funds were believed to be heavy buyers in select heavyweighted counters in a bid to push up the net asset value of their respective units while operators resorted to short covering at the concluding session of March contract in the futures and options segment.

Sentiment was also aided by a smart rally on the Wall Street yesterday. The Dow Jones Industrial Average gained 135.23 points at 10540.93 and the Nasdaq Composite Index 31.79 points at 2005.67. — PTI

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