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Indian market ends slightly higher in volatile trade
Wednesday, 07 January 2004, 20:30 IST
MUMBAI: India's key share market index finished in the positive zone Wednesday, bouncing back from its previous day's lower levels, on select institutional buying interest in new as well as old economy stocks.
The overall market mood was, however, extremely cautious ahead of the beginning of the quarterly corporate earnings season.
The stock market barometer 30-share Bombay Stock Exchange sensitive index or Sensex closed at 5,957.02, representing a gain of 13.38 points or 0.23 percent over its previous session's close.
Dealers said that the market opened on a cautious note after ending with marginal loss in the previous session. The market had closed 1.6 percent lower Tuesday, snapping a four-day rally that had taken the index to a record closing high.
The market staged rally in the early trade on value buying by investors in shares of technology companies, tracking an overnight jump in blue-chip tech equities listed on the Nasdaq stock exchange.
After moving in a range for better part of the day, the market finally managed to close in the positive zone as fresh buying was witnessed in shares of cement and metal companies also.
"The overall market mood is very cautious ahead of the announcement of heavyweight corporate earnings report. Investors are not in a mood to enlarge their positions at this stage in a major way," said a market analyst.
"I think financial results of some of the leading new as well as old economy companies will be very crucial. Investors are now looking towards the corporate earnings season for some direction," the analyst added.
Over the next few weeks, a raft of leading domestic software development and services companies would announce their financial numbers for the quarter ended December 31, 2003.
Infosys Technologies, India's largest listed software exporter, would be the first among the marquee technology firms to announce financial results on Friday.
India's high-profile software makers are likely to show strong earnings growth in the quarter that ended December due to increased IT spending by global corporations and the easing of pressure on billing rates.
In the old economy sector, Grasim Industries gained 5.2 percent to touch 
1,050.25 on fresh institutional buying after closing in the negative zone in the previous session.
Cement and engineering major Larsen and Toubro rose 2.5 percent to 534.55, Gujarat Ambuja Cements closed with a gain of 2.1 percent at 314.60, and Associated Cement Companies ended 1.6 percent higher at 266.35.
Tata Steel, India's largest private sector steel maker, gained 2.8 percent to touch 442.45, and state-run Oil and Natural Gas Corporation ended 2.1 percent higher at 902.15.
Other major gainers in the sector included Reliance Industries, Hindalco, and the country's largest motorcycles maker Hero Honda Motors.
In the tech sector, Wipro, the country's largest software maker by market value, gained nearly one percent to touch 1,692.70 and Infosys Technologies, the largest listed software exporter, ended 0.3 percent higher at 5,674.05.
Hyderabad-based Satyam Computer also advanced 0.04 percent to 357.90 after coming down from its intra-day higher levels.
Source: IANS
1,050.25 on fresh institutional buying after closing in the negative zone in the previous session.
Cement and engineering major Larsen and Toubro rose 2.5 percent to 534.55, Gujarat Ambuja Cements closed with a gain of 2.1 percent at 314.60, and Associated Cement Companies ended 1.6 percent higher at 266.35.
Tata Steel, India's largest private sector steel maker, gained 2.8 percent to touch 442.45, and state-run Oil and Natural Gas Corporation ended 2.1 percent higher at 902.15.
Other major gainers in the sector included Reliance Industries, Hindalco, and the country's largest motorcycles maker Hero Honda Motors.
In the tech sector, Wipro, the country's largest software maker by market value, gained nearly one percent to touch 1,692.70 and Infosys Technologies, the largest listed software exporter, ended 0.3 percent higher at 5,674.05.
Hyderabad-based Satyam Computer also advanced 0.04 percent to 357.90 after coming down from its intra-day higher levels.
Source: IANS