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Shares snap six-day slide on tech bargain hunting
Wednesday, 12 March 2003, 20:30 IST
MUMBAI: India's key share market index reversed a six-day losing streak Tuesday, as foreign funds resorted to bargain hunting in blue-chip technology stocks that had been badly battered in the last few sessions' trade.
Dealers said that the market opened little changed compared to its previous session's close and after moving within a range in early trade it surged higher on institutional buying in technology shares.
The market barometer 30-share Bombay Stock Exchange sensitive index or Sensex closed at 3,154.91, representing a moderate gain of 29.03 points or 0.93 percent over its previous session's close.
The market index has plunged 4.8 percent in the last six trading session, as institutional investors dropped both new as well as old economy heavyweights on fears that a war in the Middle East would impact Indian economy.
"The market mood was boosted by the return of foreign institutional investors into the trading ring. The foreign fund buying enthused many domestic mutual funds to take a re-look at the valuations of the heavyweight stocks," said an analyst.
Foreign funds, which act as the backbone of India's liquidity starved capital market, bought shares for a net $7.5 million Monday, after net sales of $15.7 million in the previous four trading days.
"The investor sentiment was also buoyed by reports that a proposed vote on a U.N. resolution on Iraq had been postponed. But the broad market sentiment continues to be very uncertain," the analyst said.
"The trading pattern in the days ahead would depend on how things develop on the Iraq war front. The war fears will continue to shadow all other factors in the short term," he added.
Efforts by Britain and the U.S. to give Iraq a March 17 ultimatum on scrapping weapons of mass destruction or face attack have failed to draw widespread backing, forcing them to put off a vote in the Security Council until later this week.
Iraq has denied accusations it is hiding weapons of mass destruction and says it is cooperating with U.N. inspectors.
In the technology sector, Hyderabad-based Satyam Computer gained 2.8 percent to touch 
205.80 and HCL Technologies, a New Delhi-based software development and services major, ended two percent higher at 150.65.
Infosys Technologies, India's largest listed software exporter, rose 2.1 percent to 4,129.45 on renewed buying support after a recent fall from higher levels.
Other major gainers in the technology sector included Polaris Software, Hughes Software Systems, Digital GlobalSoft, I-flex Solutions, Mascot Systems, and Wipro.
In the old economy sector, Hero Honda Motor, India's largest motorcycles maker, advanced 8.1 percent to touch 230.85 on reports that Japan's Honda Motor Company had decided to renew its technical collaboration with Hero group.
Reliance Industries, India's largest refiner and petrochemicals maker, gained 3.3 percent to 285.70 and Tata Steel closed with a gain of 1.8 percent at 137.50 on fresh buying support.
Source: IANS
205.80 and HCL Technologies, a New Delhi-based software development and services major, ended two percent higher at 150.65.
Infosys Technologies, India's largest listed software exporter, rose 2.1 percent to 4,129.45 on renewed buying support after a recent fall from higher levels.
Other major gainers in the technology sector included Polaris Software, Hughes Software Systems, Digital GlobalSoft, I-flex Solutions, Mascot Systems, and Wipro.
In the old economy sector, Hero Honda Motor, India's largest motorcycles maker, advanced 8.1 percent to touch 230.85 on reports that Japan's Honda Motor Company had decided to renew its technical collaboration with Hero group.
Reliance Industries, India's largest refiner and petrochemicals maker, gained 3.3 percent to 285.70 and Tata Steel closed with a gain of 1.8 percent at 137.50 on fresh buying support.
Source: IANS