Technology shares pull India's key market index higher
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Technology shares pull India's key market index higher

Friday, 29 August 2003, 07:00 Hrs
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MUMBAI: Blue-chip technology equities helped India's key share market index finish moderately higher for the third consecutive session Thursday even as stocks of banks and cement makers came down sharply lower on institutional profit taking.

Dealers said that the market opened little changed from its previous session's close and moved within a range for the better part of the trading session on alternate bouts of institutional selling and buying pressure.

In the end, the stock market barometer 30-share Bombay Stock Exchange sensitive index or Sensex closed at 4,212.29, representing a gain of 6.73 points or 0.16 percent over its previous session's close.

"The market has risen sharply higher in the last few weeks' trade and the onset of a technical correction at this stage would be perfectly in order," said a broker with the Bombay Stock Exchange.

"While investor sentiment on the bourses continues to be positive, institutional sell-off in heavyweight counters is likely to gain momentum in the days ahead. Lot of portfolio churning is also likely to take place," the broker added.

Heavyweight technology counters staged smart rally, tracking overnight gains on the tech-laden Nasdaq stock exchange.

HCL Technologies, a New Delhi-based software development and services major, gained 9.2 percent to touch 188.40 on hopes of improved financial performance. The company will announce its fiscal year 2002-03 results on September 12.

Hyderabad-based Satyam Computer rose 7.1 percent to 233 and Infosys Technologies, India's largest listed software exporter, closed with a gain of 1.2 percent at 3,896.80.

In the old economy sector, Ranbaxy Laboratories, the country's largest drug maker by sales, ended 1.8 percent higher at 951.50 after it received Wednesday an approval to market a tablet form of antibiotic cefpodoxime proxetil in the U.S.

State-run oil giant Hindustan Petroleum Corporation rose 3.3 percent to 410.35 on sustained buying interest on reports that the Centre had asked the Supreme Court not to stay the company's privatisation.

Cement shares, on the other hand, dropped on a report that cement prices in the country's financial capital of Mumbai have fallen by about 18 percent since July to about 140 per 50 kg bag.

Associated Cement Companies lost 3.8 percent to touch 205, Grasim Industries ended 2.3 percent lower at 607.80 and Gujarat Ambuja Cements closed with a loss of 3.7 percent at 226.10.




Source: IANS
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