The Hindu Business Line : Markets end fiscal 2003-04 on positive note; Sensex gains 70

The BSE Sensex gained 70 points to close at 5590.60. On the National Stock Exchange, the S&P Nifty closed at 1771, a 1.24 per cent gain over Tuesday's close. However, volumes on both the exchanges continued to be low.

The day witnessed buying in the index heavyweights by bargain hunters, taking advantage of the lower levels that the scrips had fallen to.

The sentiment was also buoyed by the announcement from the Central Statistical Organisation that India's GDP growth for the third quarter (annualised) ending December 2003 has reached 10.4 per cent. The index was buoyed by heavyweights such as Reliance, HLL, SBI, HDFC, MTNL and Ranbaxy, with all closing higher.

While foreign institutional investors were net buyers, mutual funds continued to be net sellers, for the third day in a row.

The net sales figure by funds is however, only at Rs 1.65 crore today - an indication of the easing up of redemption pressure.

However, technology stocks continued to lose flavour during the day. Brokers attribute this to fears of erosion of revenues due to the appreciation of the rupee.

The BSETECk, index for tech stocks, shed 13 points, the only index closing in the negative.

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