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Tuesday, Dec 16, 2003

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Brisk buying takes Sensex to 44-month high

Our Bureau

Mumbai , Dec. 15

ACROSS-THE-BOARD buying in frontline stocks lifted the BSE Sensex to a new 44-month high on Monday, as bullish sentiment continued to sweep through the equity market. Technology and FMCG stocks led the rise.

The mood in the market was also bullish due to the rise in markets overseas and the arrest of former Iraqi President, Mr Saddam Hussein.

Among the Asian markets, Tokyo's Nikkei Average gained 321 points or 3.16 per cent, while the Taiwan index gained 66 points or 1.13 per cent and Singapore's Straits Times Index gained 15.44 points.

The markets in India opened firm in the morning and increased as the day progressed, brokers said.

The BSE Sensex gained 75 points (1.41 per cent) to close at 5,390.88, while the NSE S&P CNX Nifty closed at 1,723.95, up 25.05 points (1.47 per cent).

Brokers said that other than the old economy stocks, renewed interest was seen in technology and FMCG stocks. This was seen from the rise in BSE IT index by 2.91 per cent and BSE FMCG Index by 2.88 per cent, much more than the broader indices.

Interest in the technology stocks is mainly due to the good economic outlook for the US economy that contributes majority of the business for Indian IT companies.

Market players have also started buying FMCG stocks on expectation of increased spending by consumers due to the good monsoon this year.

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