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Sensex
up 23 points on select buying
Our
Markets Bureau
Mumbai, Jan 2: Select buying in technology and old
economy stocks pushed the Sensex higher by 23 points bouncing
smartly after Tuesday’s weak close. However, the movement
in the market remained volatile with the Sensex starting on
weak note inline with Tuesday’s negative finish but on speculative
buying moved higher.
The Sensex closed 23.01 points higher to
3269.16 points after opening on a slight weaker note at 3243.84
points but speculative buying pushed the Sensex higher to
3280.43 points in mid-afternoon and from thereon the index
moved in the range of 20-30 points.
On the NSE, S&P CNX Nifty closed down 5.45 points at 1060.75
points. Dealers said, the market would consolidate from the
current levels with an eye over foreign fund allocation for
2002. They said, next week the market will be very active
in select stocks on anticipation for three months to December
results, most top-run software firms are likely to announce
its quarterly results next week.
Two-wheeler makers had a smart run on Wednesday as December
figures were highly impressive for this industry compared
to its year-ago month.
Bajaj Auto gained Rs 13.50 at Rs 394 on reports of 85 per
cent jump in December motorcycle figure compared to year-ago
month, Hero Honda was up Rs 6.30 at Rs 259.55 adding further
gains after posting a rise of 45 per cent in two-wheeler sales,
while TVS Motor gained 2.52 per cent due to rise in vehicle
sales.
Among Sensex weight, ITC gained Rs 25.10 at Rs 709 while Satyam
was up Rs 10.20 at Rs 237.20, in non Sensex stocks CMC rose
Rs 22.40 at Rs 387.20 on rumours that the software company
has bagged Rs 15 crore order from New India Assurance, the
stock has jumped neary 30 per cent in the last three days.
Cement shares also witness smart run on the bourses after
50 kg cement bag prices rose by Rs 7 to Rs 182 in Mumbai from
Tuesday, ACC led the rise with a gain of Rs 9.35 to Rs 156.75.
MTNL closed down by over 3 per cent following reports that
the state-run telecom company will have to wait more to get
licence
for long distance telecom services.
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