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Rally continues on Indian bourses
Thursday, 03 April 2003, 20:30 IST
MUMBAI: Indian stocks consolidated their gains in the capital market on Wednesday on all-round buying support.
The 30-share Bombay Stock Exchange (BSE) Sensitive Index (Sensex) finished the day at 3,116.99 points, a gain of 36.04 points or 1.17 percent.
New economy stocks led by Zee Telefilms rose on sustained buying support following overnight gains in the U.S. markets. Old economy and defence sector stocks followed suit. Stocks of public sector undertakings and banks were also in the limelight.
"A bullish trend in U.S. stock futures and a firm opening of the European markets also helped the market to gain ground. The Asian markets ended higher even after an appeal from Iraqi President Saddam Hussein to his countrymen to fight a jehad against the coalition forces amid renewed speculation that Saddam might not have survived the continuous bombardment of Baghdad," said an analyst with a leading stockbroker.
Media giant Zee Telefilms firmed up 10.22 percent to 
72.25 on sustained institutional buying support. The stock had hit its 52-week low of 60.15 in intra-day trades on Monday.
The Singapore government was believed to have been active on the Zee Telefilms counter. Over 1.8 million Zee shares were traded on the BSE on Wednesday.
PSU behemoth Bharat Heavy Electricals Limited (BHEL) shot up 4.65 percent to 234.05, to touch its 52-week high of Rs 236.70, after the power equipment major reported a modest 9 percent increase in net profit to 5.11 billion in financial year (FY) 2002-03 (provisional figures), against a 4.68-billion net profit reported in the previous year. BHEL's turnover rose by 3 percent to 75.1 billion (72.87 billion in FY 2001-02). Over 743,000 BHEL shares were traded on the BSE on Wednesday.
Tech pivotals like Satyam Computer, which shot up 3.60 percent to 179.85, New Delhi-based HCL Technologies, which rose 2.51 percent to 159.15 and Bangalore-based Infosys Technologies, which edged up 1.18 percent to 4,128.50 ended higher on fresh buying support following a firm trend in the European markets and US stock futures.
Sensex heavyweights like FMCG giant Hindustan Lever, which climbed up 3.75 percent to 155.10, State Bank of India, which edged up 1.31 percent to 277.65 and Reliance Industries, which crept up 0.02 percent to 281.80 also contributed to the gains of the index.
Two-wheeler major Hero Honda Motor rose 2.87 percent to 191.55 on bargain hunting after touching its 52-week low of 184.20 on Tuesday. Over 475,000 Hero Honda shares were traded on the BSE on Wednesday.
Other non-Sensex frontline tech stocks like Hughes Software, NIIT, Wipro, i-flex Solutions, Polaris Software and Digital GlobalSoft also gained ground on renewed buying support.
Source: IANS
72.25 on sustained institutional buying support. The stock had hit its 52-week low of 60.15 in intra-day trades on Monday.
The Singapore government was believed to have been active on the Zee Telefilms counter. Over 1.8 million Zee shares were traded on the BSE on Wednesday.
PSU behemoth Bharat Heavy Electricals Limited (BHEL) shot up 4.65 percent to 234.05, to touch its 52-week high of Rs 236.70, after the power equipment major reported a modest 9 percent increase in net profit to 5.11 billion in financial year (FY) 2002-03 (provisional figures), against a 4.68-billion net profit reported in the previous year. BHEL's turnover rose by 3 percent to 75.1 billion (72.87 billion in FY 2001-02). Over 743,000 BHEL shares were traded on the BSE on Wednesday.
Tech pivotals like Satyam Computer, which shot up 3.60 percent to 179.85, New Delhi-based HCL Technologies, which rose 2.51 percent to 159.15 and Bangalore-based Infosys Technologies, which edged up 1.18 percent to 4,128.50 ended higher on fresh buying support following a firm trend in the European markets and US stock futures.
Sensex heavyweights like FMCG giant Hindustan Lever, which climbed up 3.75 percent to 155.10, State Bank of India, which edged up 1.31 percent to 277.65 and Reliance Industries, which crept up 0.02 percent to 281.80 also contributed to the gains of the index.
Two-wheeler major Hero Honda Motor rose 2.87 percent to 191.55 on bargain hunting after touching its 52-week low of 184.20 on Tuesday. Over 475,000 Hero Honda shares were traded on the BSE on Wednesday.
Other non-Sensex frontline tech stocks like Hughes Software, NIIT, Wipro, i-flex Solutions, Polaris Software and Digital GlobalSoft also gained ground on renewed buying support.
Source: IANS