Sensex Gains 27 Pts As Oil PSUs Firm Up

Mumbai, Nov 10: | Updated: Nov 11 2003, 05:30am hrs
In volatile trading, the 30-share BSE Sensexs three-day losing streak snapped to end 27 points higher. However, smart buying was witnessed in the mid-cap stocks and in select new Sensex entrants.

The revamped Sensex, for a brief period in late afternoon trades moved past the 5,000-mark. However, profit-booking at higher levels pushed the Sensex below the psychological barrier which finally closed for the day at 4,998.57 points, up 27 points. On the NSE, the S&P CNX Nifty finished for the day at 1,596.05 points, up 4 points.

In early trades, the Sensex hit a low of 4,909.66 points on the back of additional margins slapped on the derivatives segment from Monday and also due to normal trading activity on the National Stock Exchange (NSE) getting affected due to a technical snag. The NSE trading terminals NEAT were halted for 95 minutes between 11:25 am to 1:00 pm.

Prior to that, since the beginning of the trading session, more than 90 per cent of NSEs members had a connectivity problem.

Said AK Sridhar, CIO, UTI Mutual Fund: From the current levels it is unlikely that the market will dip substantially. Market will remain stable. A good amount of buying was seen in the last one hour of trade.

Among the top gainers include new entrants on the Sensex. Oil and Natural Gas Corporation (ONGC) closing at Rs 658.85 up Rs 2.7 per cent, Tata Power gained 6.6 per cent to finish at Rs 263.15. Other stocks which made its foray on the Sensex on Monday include: Bharti Tele-Ventures, Wipro and HDFC Bank.

Institutional buying was seen in oil stocks and select old economy stocks. The cement, steel and aluminimum sector remained firm, however, IT stocks bucked the trend and finished with losses.

Across the board rally was witnessed in power utility stocks. Ahmedabad Electricity vaulted 5.7 per cent to Rs 93.35, BSES gained 2.8 per cent to Rs 477.60, Surat Electricity jumped 10 per cent to Rs 219.45 and CESC rose 5.8 per cent to Rs 126.

In the oil sector, the stocks which surged sharply includes, Indian Oil (IOC) adding 4.4 per cent to Rs 396, Bongaigaon Refinery soared 6 per cent to Rs 90.70 and Mangalore Refinery climbing 17 per cent to Rs 47.85. In the commodity sector, Grasim Industries rose 2.7 per cent to Rs 915, Tata Steel up 1.5 per cent to Rs 370 and Hindalco gained 3.8 per cent to Rs 1,229.