The Hindu : Business : Sensex shoots up by 73 points

Online edition of India's National Newspaper
Friday, May 27, 2005

Business

Business

Sensex shoots up by 73 points

MUMBAI: Led by BHEL, shares surged for the sixth day in a row, pushing up the Sensex sharply by 73.18 points to close at nearly two-month high of 6670.78 on heavy institutional buying on the stock exchange, Mumbai.

BHEL attracted frantic buying following the Union Cabinet approval to sell 10 per cent of its equity in the company and closed firm, a broker said.

Shares of BHEL opened strong at Rs. 895 against the previous close of Rs. 870.15 and after shooting up to an intra-day high of Rs. 912.15, closed at Rs. 909.85, showing a smart gain of Rs. 39.70 over the last close. The Government currently holds 67.72 per cent in BHEL and with the sale, the Government is likely to get Rs. 2,200 crore, the broker said. The BSE benchmark sensitive index opened firm at 6599.27 against 6597.60 and after moving widely in a range of 6685.33 and 6587.57, closed at 6670.78 revealing a sharp gain of 1.11 per cent. On the other hand, prices of oil company shares suffered sharply on heavy selling after the meeting called by the Prime Minister Manmohan Singh with the Finance Minister, P. Chidambaram, and the Petroleum Minister, Mani Shankar Aiyer, to discuss revision in fuel prices remained inconclusive, he added.

Prices of HPCL, BPCL, IBP, IPCL, IOC, Kochi Refineries and Chennai Petro declined on selling pressure. The broad-based BSE-100 index firmed up by 30.20 points to 3576.98.

The volume of business was marginally down at Rs. 2,172.80 crore against the previous level of Rs. 2,197.22 crores. — PTI

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