The Hindu : Business : Sensex rises further

Online edition of India's National Newspaper
Wednesday, May 25, 2005

Business

Business

Sensex rises further

MUMBAI: Weathering intermittent selling, the Sensex has risen by yet another 25.54 points on Tuesday to close at 6565.37 on the Bombay Stock Exchange on sustained buying by local funds and operators, buoyed by the positive statement on the country's economy by the Union Finance Minister, P. Chidambaram . Extending gains for the fourth straight session, the market breadth remained positive with advances outnumbering declines.

The sentiment was boosted by Mr. Chidambaram's reiteration of a seven per cent economic growth this year and the government's resolve to keep interest rate ``benign'' even as it would be committed to contain inflationary pressures, dealers saidThe BSE-30 share sensitive index opened firm at 6563.02 against Monday's close of 6539.83 and dipped to a low of 6522.80 on profit-selling. Later, fresh buying lifted the index to the day's high of 6579.05 before concluding at 6565.37.

Domestic mutual funds reportedly purchased shares worth Rs. 123.63 crore last Friday, taking the total net investments during the last week to over Rs. 1,200 crore while foreign institutional investors picked up shares worth Rs. 63.40 crore on May 20, a broker said.

Pharma major, Ranbaxy, was the most sought after stock on news that the company would launch its approved generic formulation of Clarithromycin Immediate Release (IR) tablets in the U.S.

The company's share price shot up by Rs. 21.90 to close at Rs. 1,002.40. The broad-based BSE-100 index rose further by 16.45 points to 3529.01 from the previous close of 3512.56.

The volume of business was relatively higher at Rs. 1966.09 crore against Rs. 1897.38 crore yesterday. — PTI

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