Financial Daily from THE HINDU group of publications
Sunday, Oct 26, 2003
Financial Daily from THE HINDU group of publications Sunday, Oct 26, 2003 |
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Stock Markets Markets - Stock Markets Samvat 2060 ushered in with gusto Our Bureau
FOR A DREAM RUN: Film actress and Rajya Sabha Member Ms Hema Malini, lighting the lamp for Lakshmi puja at the Bombay Stock Exchange on Saturday. — Paul Noronha
Mumbai , Oct. 25 STOCK investors began Samvat 2060 with a determined exuberance as they drove up prices of major stocks in an hour and half of frenzied `Muhurat' trading on the Bombay Stock Exchange and the National Stock Exchange. Driven mainly by auto and energy companies, the benchmark 30-share Sensex of the BSE closed with a gain of more than 1 per cent at 4801.28, about 45 points more than its previous close and above the psychological 4800 level. The NSE's 50-share S&P CNX Nifty closed 16 points higher at 1521.95. "Trading during the entire session was brisk and positive. Stock movements clearly indicated that despite the sharp losses during the week, market men are bullish about Samvat 2060," said Mr Arun Kejriwal of KRIS Research. The short trading session began at 6 p.m. on the BSE after invoking Laxmi, the goddess of wealth, and Rajya Sabha MP, Ms Hema Malini, lighted the traditional lamp and ended at 7.25 p.m. Within that short span, the BSE saw a volume of nearly Rs 650 crore and the NSE (6.10 p.m. to 8 p.m., including the post-closing session) saw trades of about Rs 1,365 crore, about 25-30 per cent more than the average hourly volume on a five-and-half-hour trading day. Today's trading was a gauge of the local and retail sentiment as being a Saturday institutional investors were absent. Mr Sapan Patel, a broker who caters only to retail clients, said, "Trading was very positive. Being the beginning of the new Hindu year today is the most auspicious day for trading. We expect the Sensex to hit 6000 within the next six to eight months." On the exchanges, the day belonged to public sector companies especially in the oil and refining sector.
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