The Hindu Business Line : Buying interest in heavyweights pushes up Sensex

THE markets witnessed strong buying interest as the benchmark BSE Sensex opened the first trading day of the week on a positive note. The strong buying interest in the key index heavyweights Reliance Industries and Infosys Technologies propelled the 30-stock index by 49.94 points (0.86 per cent).

The index opened firm at 5809.74 points, about 22 points higher than the previous week's closing. It registered steady uptrend during the course of the day and reached the day's high of 5905.35 points. The last hour of the day's trading saw volatility as the index plunged to the day's low of 5798.37 points, in the process recording an intra-day swing of about 107 points. The index, however, closed at 5838.02 points.

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On the BSE, barring BANKEX most of the indices closed higher.

On the NSE, the 50-stock index Nifty rose 15.5 points (0.84 per cent) to 1856.6 points.

On the BSE, of the total 1,549 stocks that were traded, 1,161 stocks gained in value, 336 declined and the rest remained unchanged. Among the Sensex constituents, 20 stocks witnessed buying interest and the rest slipped into the red.

Among the Index heavyweights, Reliance Industries (1.4 per cent) and Infosys Technologies (3.5 per cent) were the key gainers. ITC also edged up marginally. However, ONGC and ICICI Bank closed the day on negative note.

The stock of Tata Power rose by 5.1 per cent to Rs 413.05. After the close of the day's trading the company announced that it has signed an agreement with GAIL and BP to jointly participate in evaluating the Dabhol gas and power opportunity.

Other Sensex constituents that witnessed strong buying interest include Larsen & Toubro (3.7 per cent), Wipro (3.2 per cent) and BHEL (5.1 per cent).

The stock of Pitti Laminations rose 4.5 per cent to Rs 10. The company is contemplating to expand its facilities in 2004-05 to meet the increase in demand. It has also pegged a 30 per cent growth in its sales target on good prospects.

The stock of Tata Telecom rose by 3.7 per cent to Rs 228. Avaya Mauritius along with Avaya Inc and Avaya International have made on open offer to the shareholders of the company to acquire 20 per cent of the voting share capital of Rs 10 each, at a price of Rs 220 per share.

The stock of Welspun India rose 6.1 per cent to Rs 89.55. The company has planned to increase its capacity by another 50,000 spindles. The company also plans to raise funds by issuing security on a private placement basis.

The stock of Yash Papers rose by 9.5 per cent to Rs 11.88. The company is likely to consider mobilisation of funds in the forthcoming board of directors meeting.

The stock of Shahi Shipping rose 9.9 per cent to Rs 20.5. After the close of the day's trading, the company announced that it is planning to consider the issue of bonus shares.

The stock of Radico Khaitan fell marginally by 0.1 per cent to Rs 121. The company, during the last hour of the day's trading, announced that it has acquired Anab-e-Shahi Wines & Distilleries, a bottling unit in the State of Andhra Pradesh.

The stock of Vas Animation rose by 18.8 per cent to Rs 10. The company is planning to launch 3D animation cartoon feature film and television serials.

Coupled with sharp increase in trading volumes the stock of Petronet LNG surged 12.6 per cent to Rs 19.04. The company has commenced commercial supply of regasified liquefied natural gas from its Dahej Terminal.

Other stocks that registered huge surge in trading volumes include SAIL, Satyam Computer, Tata Steel, Maruti Udyog, ONGC, Reliance Capital, State Bank of India, Bharti Tele-Ventures, Tata Motors, Himachal Futuristic and IFCI.