The Hindu : Business : Sensex up 71 points on late buying

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Thursday, Jun 30, 2005

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Business

Sensex up 71 points on late buying

MUMBAI: Share prices in almost all the segments attracted heavy buying activity towards the fag end and rallied on the Bombay Stock Exchange lifting the Sensex up by 70.88 points to close at 7119.88. The BSE barometer 30-share sensitive index opened better at 7059.37 against yesterday's close of 7049, but dropped briefly to 7034.48 on fresh offering.

Thereafter, it recovered sharply to an intra-day high of 7125.21, before winding up at 7119.88, showing a smart gain of 1.01 per cent over the previous close.

Buying activity at yesterday's lower levels was so strong that index heavyweights from metal, capital goods, oil and gas, IT, healthcare, PSU, banking and auto sectors shot up to close with handsome gains.

Foreign institutional investors who had slowed down their activity in the last two days, became active again and did good purchases, a broker said.

The FIIs have already bought equities worth Rs. 3,066.80 crore last week and Rs. 3,839.00 crore in the current month, he added.

However, market analysts said investors should make a cautious approach while buying on dips in the current market, while selling on rallies would be a good idea.

The biggest factor that would decide the movement of share prices in the next two days was the rollover, another analyst said. Today's sharp gainers were RIL, Infosys Technologies, ITC, TCS, Bajaj Auto, HDFC Bank, Hindalco, Ranbaxy, Dr. Reddy's, ONGC and Wipro on heavy buying activity. — PTI

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