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Oil, tech stocks lead bull run

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Our Bureau

Mumbai, May 23

RENEWED buying interest, especially in oil and technology stocks, ensured a day for the bulls in the bourses. The Sensex netted a gain of 40.33 points to close at 6,539.83, well above the psychological level of 6,500.

The BSE's 30-stock benchmark index touched an intra-day high of 6,549.57.

At the NSE, the Nifty closed up by 21.5 points at 2,013.90, a gain of 1.08 per cent.

While the ONGC scrip gained Rs 20.3 to end trade at Rs 868.05 (a gain of 2.39 per cent), HPCL rose by Rs 8.65 to close at Rs 337.65, a gain of 2.63 per cent.

With media reports of the Finance Minister, Mr P. Chidambaram's statement that the Ambani brothers are close to a resolution of the ownership issues of Reliance, shares of Reliance Industries Ltd witnessed a smart rally with the scrip gaining Rs 10.70 to close at Rs 531.10.

The upward trend in the global markets and stable crude oil prices lent positive sentiment to the market.

Further, the SEBI reported net inflows of Rs 132.63 crore and Rs 63.5 crore from mutual funds and foreign institutional investors respectively for Thursday.

Volumes were below average on Monday.

The BSE reported trading of 25.54 crore shares valued at Rs 1,897 crore.

At the NSE, 26 crore shares worth Rs 3,358 crore changed hands.

Brokers attributed this to the bank holiday on account of Buddha Purnima.

Two scrips made their debut on the bourses today. Shoppers' Stop made intra-day gains of over 76 per cent from allotment price before closing trade at Rs 372.60, while Mangalam Drugs debuted at Rs 30, up by Rs 8 from its issue price of Rs 22.

Despite the encouraging start to the week, brokers are cautious and expect the market to move in a range-bound manner.

With no predictable internal triggers expected, markets are looking to global markets to decide a direction, according to them.

(This article was published in the Business Line print edition dated May 24, 2005)
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