COMMENTARY
INTERVIEWS
SPECIALS
CHAT
ARCHIVES

Infotech results buoy sentiment; Sensex up 90 points

Heavy gains registered by software shares kept the market up at the Bombay Stock Exchange during the week ended January 23.

Pentafour Software, Infosys Technologies, NIIT and Satyam Computers reported handsome gains.

The market discounted quarterly results of ITC and Reliance as the results were below their expectations.

Reflecting the market mood, the 30-scrip BSE Sensex gained by 90.01 points to 3297.86 points from the last week's close of 3207.85 points.

The Sensex had surpassed the important mark of 3300 points on Thursday when it shot up by 111 points and closed at 3329.93, but it was on the last day that it dropped below the 3300 mark to close at 3207.85 for the week.

The broad-based BSE-100 index rose by 36.93 points to 1458.34 as against the previous week's close of 1421.41 points.

The BSE Sensex shot up by 70 points on Monday to close at 3278.58, following heavy gains recorded by ITC, Hindustan Lever and other pivotals. The Sensex reacted sharply on the next day and moved down by about 60 points at 3218.91. The market remain closed on Wednesday on account of Id-ul-fitr.

The Sensex soared by 111 points on Thursday and crossed the psychological barrier of 3,300 mark, but fell moderately on the last day and closed at 3,297.86 points.

Total turnover on the BSE dropped significantly in the four-day week by Rs 32.64 billion to Rs 66.39 billion as against last week's turnover of Rs 99.03 billion.

The foreign institutional investors had actively participated in the market during the week. According to the Securities and Exchange Board of India, the FIIs' investment in the secondary market continues to be positive in the second week of January 1999.

In a major restructuring exercise of the indices, the BSE on Monday revamped the composition of the BSE-100 index to represent 52.8 per cent of BSE's total market capitalisation as compared to 42 per cent for the old index.

The new index which comes into effect on January 22, 1999 with as many as 36 changed scrips, represents all 22 important sectors of the economy and has a market capitalisation of Rs 2.51 trillion as on December 31, 1998.

The National Stock Exchange also reported a firm trend during the week ended January 23.

The S&P CNX Index gained by 22.75 points to 957.05 points from last week's close of 934.30 points.

The S&P CNX Nifty Junior shot up by 52.05 points to 1679.45 points from the last Friday's close of 1627.40 points. The CNX Defty closed higher by 18.30 points to 780.15 points from the previous close of 761.85 points.

CNX-500 and Midcap-200 rose by 15.52 and 14.15 points to 666.89 and 589.02 points from the last week's close of 651.37 and 574.87 points respectively.

Total turnover on the NSE during the week declined sharply by Rs 30.49 billion to Rs 105.48 billion from the previous week's turnvoer of Rs 135.98 billion.

Among the issued on the BSE, ACC rose by Rs 5.75 to Rs 1,112.50, Arvind Mills by Rs 7.15 to Rs 50.25, Asian Hotels by Rs 5.20 to Rs 157.10. Other gainers were Bajaj Auto (Rs 10.75 to Rs 503.50), BHEL (Rs 2.50 to Rs 264.90), Cadbury's (Rs 76.50 to Rs 542.75), Castol (Rs 100.25 to Rs 818.50), Colgate (Rs 5.40 to Rs 205), Crompton Greaves (Rs 1.10 to Rs 39.40), Dr Reddy's (Rs 6.25 to Rs 519.25), Glaxo (Rs 40.75 to Rs 647.75), Hero Honda (Rs 41.75 to Rs 599.25), Hindustan Lever (Rs 66.75 to Rs 1745.25), Infosys Technologies (Rs 910 to Rs 4,910), ITC (Rs 14 to Rs 807.25), MTNL (Rs 10 to Rs 176.50), NIIT (Rs 114.50 to Rs 2,132), Novartis (Rs 42.50 to Rs 839.50), Satyam Computers (Rs 15.75 to Rs 931.50), Telco (Rs 10.50 to Rs 222), Tata Tea (Rs 9.50 to Rs 111.10) and Zee Telefilms (Rs 2 to Rs 620).

UNI

Business news