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Sensex
up 68 pts on hopes of better Q3 results, sustained buying by
FIIs
Our
Markets Bureau
Mumbai, Jan 4: Foreign funds and speculative buying in
technology stocks pushed the Sensex higher by 68 points, extending
gains around 4 per cent in three consecutive days, thus gathering
steam following sustained gains on the Nasdaq and on expectations
of strong Q3 to December results of frontline software stocks.
Reliance Industries, along with select cement and auto stocks,
also vaulted sharply on Tuesday. The gain in the case of auto
stocks was mostly concentrated towards two-wheeler stocks, following
the posting of higher December motorcycle sales number, while
cement stocks gained on higher December despatches number.
The Sensex opened on a firm note at 3323.55 points, which also
happened to be the day’s low and from there onwards continued
to rally to hit an intra-day high of 3393.66 points in the last
hour of the trade. However, day trader unwinding pruned some
of the gains, with the Sensex closing at 3375.74 points, up
67.72 points.
On the NSE, the S&P CNX Nifty closed up 23.95 points at
1096.20 points.
Dealers said, receding war fears with Pakistan, sustained gains
in the US market, anticipation of strong Q3 to December results
of frontline software stocks expected to be released by the
second week of January, was keeping IT stocks buyont.
They added that sustained buying from foreign funds and hopes
of higher fund location for India, as it still remains amongst
the leading performers in terms of growth in emerging markets,
led to speculators building their position in the market.
Amongst cement stocks, ACC gained Rs 12.35 at Rs 169.20 on 33
per cent rise in dispatch numbers in December 2001, against
the same period last year, Gujarat Ambuja was up Rs 3.55 at
Rs 204.15, also on higher dispatch numbers.
Among auto stocks, motorcyle leader Hero Honda gained Rs 17.65
at Rs 283.80 on sustained foreign fund buying following the
company raising its annual motorcycle sales number to 14 lakh
units from the earlier 13 lakh units and its inclusion in the
BSE 30 Sensex from Monday, January 7.
Bajaj Auto rose Rs 6.10 at Rs 385.70 on higher motorcycle sales
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