The Hindu Business Line : Reliance keeps Sensex in positive terrain

POSITIVE sentiment prevailed in the markets for the third trading day in a row. Aided by buying interest in index heavyweight Reliance Industries, the benchmark BSE Sensex rose 47.23 points (0.82 per cent) to 5788.08 points.

The 30-share index opened firm at 5762.81 points, about 22 points higher than the previous day's closing. It, however, turned volatile and spiralled down to the day's low of 5700.6 points. Buying interest in the afternoon sessions saw the index crawl back to the day's high of 5799.16 points, in the process registering an intra-day swing of about 99 points.

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On the BSE, barring the BSE TECk, most of the indices, including the BSE 100, the BSE PSU and the BANKEX, closed the day on a positive note. On the NSE, the S&P CNX Nifty rose 21.45 points (1.18 per cent) to 1841.1 points.

Of the 1,923 stocks that were traded on the BSE, 1,239 advanced, 619 declined and the rest remained unchanged. On the Sensex, 23 stocks appreciated in value while the rest declined. Index heavyweights were a mixed bag on Friday. Gains were registered in the stocks of Reliance Industries (1.8 per cent), Hindustan Lever (1.1 per cent) and ITC (0.4 per cent). The stock of Infosys Technologies (2.1 per cent) and ICICI Bank (0.7 per cent), however, slipped into the red.

Among the index constituents, major gainers included Grasim Industries (3.9 per cent), Bharti Tele-Ventures (5.8 per cent), ONGC (3.5 per cent) and Reliance Energy (4.1 per cent).

The stock of MphasiS BFL rose 5.6 per cent to Rs 590. The company is acquiring Kshema Technologies, a Bangalore-based software company, at an estimated price of $21 million through a combination of stock and cash. The cash component is about $6.8 million.

The stock of Coromandel Fertilisers rose 2.7 per cent to Rs 116.3. The company has submitted an expression of interest to participate in the proposed sale of strategic shareholdings in Foskor Ltd, South Africa, by the Industrial Development Corporation of South Africa, through the competitive sale process.

The stock of Alok Industries rose 2.3 per cent to Rs 54.1. The company plans to raise funds to the tune of Rs 100 crore through the preferential route.

The stock of IVRCL Infrastructures & Projects fell by 1.5 per cent to Rs 214.3. Foreign Institutional Investors Citicorp International Finance Corporation, USA, and ChrysCapital II, LLC, Mauritius, has invested Rs 78 crore in the company, at Rs 250 per share. The additional funding is expected to bolster the company's net worth and, in turn, help it to compete for high-value projects.

The stock of FDC fell by 1.3 per cent to Rs 108.7. The company has decided to issue bonus shares in the ratio of 1:1

The stock of Adam Comsof rose 10 per cent to Rs 15.54 on the back of the company's plans to issue bonus shares.

Stocks that witnessed strong buying interest include Maars Software (20 per cent), SSI (11 per cent), Petronet LNG (11 per cent), Bank of India (10.6 per cent), Mirc Electronics (8.4 per cent), KEC International (7.4 per cent) and CESC (7.4 per cent).

Coupled with a sharp increase in trading volumes, the stock of Kale Consultants rose 4.5 per cent to Rs 36.85. The company has transferred a part of its contracting business to its newly formed subsidiary, Synetairos Technologies.

Other stocks that registered huge trading volumes include SAIL, Satyam Computer, GAIL, Himachal Futuristic, State Bank of India, Canara Bank, Maruti Udyog, IPCL, Reliance Capital, Zee Telefilms, MTNL and TVS Motors.