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Tuesday, Aug 06, 2002

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Rain drops enough to bring cheer to markets

Our Bureau


WITH parts of the country receiving rainfall in the past two days, the stock markets reacted positively with the stock indices ending higher. Investors were, however, cautious of a weakened sentiment in the international markets casting a shadow on an otherwise upbeat trading day.

The sentiment was also reflected in the forex market with

the rupee closing steady on Monday at 48.64/65 against the dollar as compared to its previous close at 48.66 last Friday.

Bond prices also rallied by around 30 to 40 paise over the opening levels with the yield on the bench mark 10-year paper falling to 7.17 per cent as compared to 7.21 per cent on Saturday.

The 30-share benchmark sensitive index (Sensex) of the BSE closed higher by 26 points or 0.6 per cent at 3011.35 after touching an intra-day high of 3018.71. BSE Sensex closed above the psychological barrier of 3,000, indicating a further strengthening of the market, dealers said. The S&P CNX Nifty of NSE ended higher by 0.9 per cent or nine points to close at 963.25.

The recovery was led by old economy stocks, which later spread the buying interest in other sectors as well. Sectors influenced by the monsoon activity such as FMCG, auto and cements moved up. Dealers said that the weak sentiment in the international markets such as NYSE and Nasdaq made investors cautious.

Among the stocks that surged were Infosys Technologies, BSES, Telco, Hero Honda, Bajaj Auto, Larsen & Toubro, ACC, HLL and ITC.

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