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Friday, Oct 29, 2004

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Bourses maintain firm trend

B. Krishnakumar

THE overnight drop in international crude oil prices and a consequent bounce in the global equity market had a positive impact on domestic sentiment.

Both the Sensex and the Nifty opened with an upside gap in relation to the previous day's close. The Sensex opened about 32-points higher at 5694.61 and went on to touch a high of 5733.75 before settling slightly lower at 5715.62. This represents a gain of about 0.93 per cent or 52.75 points over Wednesday's close of 5662.87.

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The firm trend in Infosys, Wipro, Hindustan Lever and Ranbaxy was instrumental in propping up the indices. The share price of Infosys inched closer towards the psychological level of Rs 2,000. It closed at Rs 1,948.25, up by Rs 79.85 over previous day's close. Wipro increased by Rs 17.35 at Rs 658.8 and Ranbaxy by Rs 16.45 at Rs 1,083.35.

The likes of HDFC, Hindalco and Reliance Industries were the prominent losers from the index stocks. The share price of HDFC dropped by Rs 20.05 to Rs 638.7.

Though the key indices logged gains, they were stuck in a narrow trading zone throughout the day. It was the mid-cap sector that continued to attract market attention. Stocks such as Jaiprakash Associates, Gujarat NRE Coke, Adlabs and Sesa Goa logged sharp gains..

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