Financial Daily from THE HINDU group of publications
Tuesday, Feb 18, 2003
Financial Daily from THE HINDU group of publications Tuesday, Feb 18, 2003 |
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Stock Markets Markets - Stock Markets Hopes of a `friendly' Budget boost stocks Our Bureau
MUMBAI, Feb. 17 ON expectations of a market-friendly Budget coupled with the fading of war fears, the equity, currency and bond markets today reacted positively with all-round buying interest. The 30-share benchmark sensitive index of the BSE, Sensex closed higher by 59.04 points at 3282.45 after reaching an intra-day high of 3287.01. The NSE Nifty jumped 22.20 points to close at 1058.20. The rupee regained its lost strength closing almost 11 paise higher at 47.7600/7700 against the dollar as compared to Friday's close of 47.8550/8650 in local currency markets. Dealers attributed the market recovery to renewed buying support in frontline stocks and specifically technology stocks echoing the gains made by Nasdaq on Friday. Old economy stocks went up due to expectations of investor-friendly Budget, said dealers. Operators and retail investors were said to be most active in the stock markets today leaving behind large mutual funds and foreign institutional investors. Among the technology stocks, Hughes Software closed at Rs 162.15, up by 6.33 per cent on the BSE, i-flex solutions went up by 1.99 per cent to close at Rs 855.20, Infosys closed at Rs 4,261.10, up by 2.53 per cent and Satyam went up by 6.23 per cent at Rs 227.75. Cement major ACC's shares closed higher on market talk of a SEBI decision soon on Gujarat Ambuja open offer. The share price of ACC closed at Rs 158.20 on the BSE. BSES climbed on reports that Reliance has raised holding to about 58 per cent from 44 per cent. Other index heavyweights that contributed to the gain were SBI, RIL, HLL and ITC. Banking stocks, mainly public sector banks, witnessed smart gains. Bank of Baroda closed higher by 6.65 per cent to Rs 72.95 on the BSE and on the NSE, it closed higher by 6.65 per cent at Rs 73 and Bank of India's shares went up by 4.93 per cent on the BSE.
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