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Bull run continues on Indian bourses for fifth day
Tuesday, 02 September 2003, 19:30 IST
MUMBAI: A seemingly never-ending bull run in the Indian stock market continued unabated for the fifth consecutive session Monday as buoyed investors poured more money on old economy counters on hopes of improved earning growth.
The stock market opened firm as compared to its closing on Friday and surged higher in the early trade on large-scale institutional buying in shares of banking companies.
The institutional buying in shares of banking companies gained ground after Standard and Poor's Ratings Services said earlier Monday it had upgraded the outlook for the Indian banking system.
The global credit rating major revised the outlook for the domestic banking sector to 'stable' from 'negative,' saying key structural reforms so far had improved the health of the sector's asset quality, profitability and capital adequacy.
In the intra-day trade, buying in stocks of refiners, on reports that state-run oil majors had increased prices of petrol and diesel, also helped the index to stage smart rally.
In the end, the stock market barometer 30-share Bombay Stock Exchange sensitive index or Sensex closed at 4,324.76, representing a gain of 80.03 points or 1.89 percent over its previous session's close.
"Brushing aside rumours of profit taking on the bourses after six straight weeks of gains, the market closed at a 30-month high today. It's a dream run for all of us," said a fund manager with a foreign brokerage house.
The prospects of sharply higher economic growth in the current fiscal year boosted by normal monsoon rains across the country have enthused share market investors in a big way in recent months.
The Reserve Bank of India, the country's central bank, said last Wednesday the earlier economic growth projection should now be enhanced significantly in light of the expected strong agricultural recovery.
The RBI had in April made a projection of six percent growth for 2003-04. India's agriculture-reliant economy grew by a moderate 4.2 percent during 2002-03 on a sharp dip in agriculture output.
In the old economy sector, Larsen and Toubro gained 5.2 percent to touch 
304.20, Gujarat Ambuja Cements was up 4.3 percent at 240.20 and Grasim Industries closed with a gain of 3.1 percent at 637.55.
Associated Cement Companies also rallied 2.3 percent to 217.25 on hopes of improved off-take of cement following good monsoon rains across the country.
ICICI Bank, one of India's fastest growing private sector banks, rose 2.5 percent to 184.05 and state-run Bank of India ended 6.8 percent higher at 57.20 after Standard and Poor's raised the outlook for the domestic banking sector.
Other major gainers in the sector included Reliance Industries, ITC, Hindustan Lever, HDFC, Cipla, and Ranbaxy Laboratories.
In the technology sector, Hyderabad-based Satyam Computer rose 4.3 percent to 236.35 and HCL Technologies, a New Delhi-based software development and services major, closed with a gain of 3.2 percent at 189.60 on sustained buying support.
Source: IANS
304.20, Gujarat Ambuja Cements was up 4.3 percent at 240.20 and Grasim Industries closed with a gain of 3.1 percent at 637.55.
Associated Cement Companies also rallied 2.3 percent to 217.25 on hopes of improved off-take of cement following good monsoon rains across the country.
ICICI Bank, one of India's fastest growing private sector banks, rose 2.5 percent to 184.05 and state-run Bank of India ended 6.8 percent higher at 57.20 after Standard and Poor's raised the outlook for the domestic banking sector.
Other major gainers in the sector included Reliance Industries, ITC, Hindustan Lever, HDFC, Cipla, and Ranbaxy Laboratories.
In the technology sector, Hyderabad-based Satyam Computer rose 4.3 percent to 236.35 and HCL Technologies, a New Delhi-based software development and services major, closed with a gain of 3.2 percent at 189.60 on sustained buying support.
Source: IANS