Financial Daily from THE HINDU group of publications
Wednesday, Aug 03, 2005
Financial Daily from THE HINDU group of publications Wednesday, Aug 03, 2005 |
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Stock Markets Markets - Stock Markets Fund buying, healthy corporate earnings continue to fuel markets Our Bureau
Mumbai , Aug. 2 SUSTAINED fund buying and "healthy" corporate results continued to steam the market, as the benchmark indices extended their gains. The Sensex shot up to yet another all-time high of 7,762.80, before settling down at its all-time high closing level of 7,756.04. The 30-stock benchmark index gained 1.13 per cent or 86.59 points on Tuesday. The Nifty also moved into its never before territory, closing with a gain 35.6 points at 2,353.65. Tuesday's trade was marked by broad-based buying in the market. Both exchanges reported a positive advance decline ratio. At the BSE, 1,726 scrips advanced while 774 declined. The NSE reported advances of 631 scrips against 211 declines. Heavy buying in Tata Motors, Reliance and TCS helped prop up the Sensex. Tata Motors gained 5.22 per cent on Tuesday to close at Rs 526.90. Reliance added Rs 33.85 to its share price and ended trade at Rs 741.95. Brokers attribute this to analysts' reports that suggest that splitting the business between the Ambani brothers has left Reliance Industries Ltd in a stronger position. TCS gained over 3 per cent and closed trade at Rs 1,291.40. The upsurge in the bourses came despite worries about oil prices after the death of King Fahd of Saudi Arabia. "Nothing seems to faze this market. As long as FIIs are pumping in money, the market will look up," said a broker. Banking stocks fell out of favour of investors on Tuesday. The much-anticipated hike in repo rates was not announced in the Reserve Bank of India's credit policy statement last week. Banking stocks, which rose on expectation of higher interest income, fell due to profit booking. The BSE's Bankex dropped close to 17 points and ended trade at 4,719.52.
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