Financial Daily from THE HINDU group of publications
Saturday, Oct 04, 2003
Financial Daily from THE HINDU group of publications Saturday, Oct 04, 2003 |
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Stock Markets Markets - Stock Markets Sensex at 3-year high, breaches 4,500 mark Our Bureau
Mumbai , Oct. 3 THE stock markets continued their upward movement with BSE Sensex touching a three-year high on expectation of good quarterly results. The market was also optimistic about the outcome of the Cabinet Committee on Disinvestment's (CCD) meeting, which was being held today. The market opened firm and the indices moved up further as the day progressed. There was some aggressive buying in the last one-hour of trading after Shipping Corporation of India (SCI) announced a bumper interim dividend of 170 per cent. The BSE Sensex closed above the 4,550 level at 4,552.92 points (2.2 per cent higher over the previous close). On NSE, the S&P CNX Nifty gained 28.45 points (2 per cent) to end at 1,449.30. Brokers said the mood in the market appeared extremely bullish ahead of the crucial meeting of the CCD, which is expected to sort out the hitches in the privatisation of oil sector companies — HPCL and BPCL. They said the Government is likely to give further impetus to the disinvestment process and hardly any negative development on the disinvestments is expected from the meeting. Hectic buying was seen in most of the old economy sectors including metals, automobile, power and financial sector on expectation of improved quarterly performance. While heavyweights contributed significantly to the gains of the Sensex, defensive sector stocks also attracted buying interest. Technology stocks, which rose in early trades following a firm trend in the US markets, lost ground in the second half amid worries about the impact of strengthening rupee on the technology sector. Strong FII inflows into the equity market are also keeping the mood upbeat. The bullish mood of the market was seen from the advance-decline of the stocks. On the BSE, of the 1,929 stocks traded today, 1,144 stocks gained, 690 stocks fell and 95 ended unchanged. Brokers said the upward movement of the market is expected to continue next week also and the next crucial level would be 4,750-4,800.
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