Corporate Results of over 2500 companies Saturday, November 20, 1999
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Infotech stocks rallyin mixed trading 

Press Trust of India  
New Delhi, Nov 19: Bucking the weak trend, several shares in the infotech segment continued their upward journey on the Delhi Stock Exchange Friday following sustained purchases by some overseas funds and domestic players.

However, key pivotals reacted to mid-way selling after players squared-off their outstanding positions on account of end of weekly settlement.

Mirroring the weak trend, the Delhi Stock Exchange sensitive index ended 7.20 points down at 961.14 points due to drop in index-related stock prices. Though, it rallied to 973.48 point at the outset but squaring-up of positions pared earlier gains.

Stock brokers said today's activity was mostly of a squaring-up nature with players were seen winding-up positions on account of end of settlement.They said foreign funds continued to remain major buyers at several information and technology company stocks but reduced their exposure in other blue-chip stocks.

``Winding-up of long positions mainly reversed an early rising trend,'' said a DSE broker. ``Persistent rise in infotech sector stocks was only feature of today's session,'' he added.

Pentafour shares in volatile trading spurted by Rs 19 to Rs 667 after bouncing between Rs 664 and Rs 681.85 following aggressive buying and selling by some foreign investors.

Satyam Computer shares also in similar manners spurted by Rs 8.60 to Rs 1631 off session's high of Rs 1652 but late selling by profit-takers and squaring-up of positions trimmed earlier gains.

NIIT shares were in keen demand particularly among some foreign investors enthused by the company's strong fundamentals and spurted by Rs 162 to close at Rs 2540.

Silverline Industries shares after moving narrowly on selective buying by investors and speculators ended Rs 2.95 higher at Rs 440.95 after touching the day's high of Rs 444.

Zee Telefilms, an entertainment company stocks, continued to show volatile movements for yet another session on hectic buying and selling by knowledgeable circles and ended at Rs 190.05 higher at Rs 5290.05.

The tobacco major ITC Ltd shares also displayed some strength on speculators buying and ended Rs 5.70 up at Rs 767 but Hindustan Lever, the heavy-weighted consumer goods giant's stocks plunged Rs 51 to close at Rs 2289 largely due to profit-taking at higher levels.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.

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