Markets: Sensex flares 72 points
MUMBAI: The index remained firm throughout much of the trading session on sustained buying in old and new economy stocks. The Nifty, too, gained 24 points to close at 1,028.
Yesterday, India's key share market index reversed a three-day losing streak Wednesday as institutional investors returned to the trading ring to pick up badly beaten blue-chip stocks. The prospect of a quick end to military action against Iraq, which has the world's second-largest oil reserves after Saudi Arabia, had driven up oil prices and weighed heavily on financial markets across the globe.
While 21 Sensex stocks advanced, nine declined today. The traded volume and value of the index scrips totalled 2.16 crore and Rs 646.78 crore, respectively.
Tech stocks ended with sharp gains with Infosys going up 4 percent to Rs 4,379. Satyam zoomed 6 percent (Rs 11) to Rs 206.
PSU frontliners like BHEL and SBI to moved up. BHEL added 4 percent (Rs 9) to Rs 217 while SBI moved up 2 percent (Rs 7) to Rs 282.
Pharma majors advanced on renewed buying support. Ranbaxy was firm throughout the day, and zoomed 6% (Rs 34) to Rs 617. Dr. Reddy's held on to its gains to close at Rs 883 - up Rs 14. Glaxo closed marginally higher at Rs 296. Cipla, however, lost Rs 4 to Rs 732.
ICICI Bank was up Rs 2 to Rs 139. While Tisco moved up 3% (Rs 4) to Rs 139, Zee closed up a rupee at Rs 74. HDFC, however, traded in negative zone throughout the trading session, and lost Rs 4 to Rs 352.
Tech scrips largely finished at higher levels today. Polaris vaulted 10% (Rs 13) to Rs 133. Mastek flared up 8% (Rs 42) to Rs 562. Visual gained 5% (Rs 8) to Rs 166. Digital witnessed buying support, and added 4% (Rs 25) to Rs 649. Wipro, after touching the day's high of Rs 1,368, ended at Rs 1,358 - up 2% (Rs 22).
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