An upward trend gathered momentum on DSE on Wednesday, with stock prices soaring further on continued buying by foreign as well as domestic financial institutions and speculative activity, triggerred by news of clearance of buyback of shares by law minister Thambi Durai.The DSE index was up by 10.64 points and closed at 717.28 points with a large number of stocks ending with sizeable to moderate gains.
Stock brokers said persistent rise in global depository receipts (GDR) of Indian companies in international markets and start of fresh settlement on National Stock Exchange also fuelled the buying spree.
They said stocks of infotech, pharmaceuticals, multinational and strong fundamental companies were major gainers of the day on aggressive buying by foreign investors.
"If buyback of shares by companies is allowed, market is likely to witness a fresh spell of buying activity as several companies have announced their desire to buy back their shares from the market'', said a DSE broker.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
