Financial Daily from THE HINDU group of publications
Thursday, Jun 30, 2005
Financial Daily from THE HINDU group of publications Thursday, Jun 30, 2005 |
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Stock Markets Markets - Stock Markets Sensex gains 70.88 points Our Bureau
Mumbai , June 29 BUOYED by the global markets and renewed buying by foreign institutional investors, the domestic bourses on Wednesday recovered some of their lost ground. The Sensex ended on Wednesday with a gain of 70.88 points to close at 7119.88. The Nifty recovered by one per cent from Tuesday and closed at 2191.65, up 21.8 points. Market participants are viewing Wednesday's upswing as significant, as trading was highlighted by broad based buying activity. At NSE, 516 scrips advanced against 293 that declined. The BSE also registered a positive advance-decline ratio with 1,499 scrips advancing and 973 declining. The rally that breached the 7,000-level in the Sensex was not aided by overall bullishness, as buying in the index heavyweights Reliance Industries, had pushed it forward significantly. This concern has now been laid to rest with today's performance by scrips across the board, said a broker. Tata Motors, HDFC Bank and Wipro were the big gainers among the Sensex stocks. Tata Motors gained Rs 10.30 to close at Rs 426.85. HDFC Bank went up by Rs 14.35 and ended with a gain of 2.44 per cent at Rs 602.40. Technology major Wipro closed with a gain of Rs 14.05 at Rs 754.25. Oil and gas, pharmaceuticals and technology stocks were also big gainers. Even the mid-cap indices closed in the green. Covering up of short positions before the expiry of June contracts on Thursday also helped add to the bullishness in the market. Brokers are anticipating choppy trading days ahead, in the short term.
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