Infy results propel Sensex to new high; gains 70 points

The bull run is continuing on Indian markets. The 30-share BSE Sensitive Index (Sensex) closed at a 39-month high on Friday after tech major...

The bull run is continuing on Indian markets. The 30-share BSE Sensitive Index (Sensex) closed at a 39-month high on Friday after tech major Infosys Technologies posted positive results for the quarter ended September 2003. Old economy stocks also added to the gains of the Sensex.

Recording its tenth straight rise, the BSE Sensex ended 1.49%, or 70.22 points, higher at 4,768.90, its best close since 17 July 2000. With today’s rise, the Sensex has gained 4.74%, or 215.98 points, this week. At the NSE, the S&P CNX Nifty Index also gained 21 points, or 1.40%, to settle at 1,523.10. Tech stocks were back in the limelight following encouraging results from Infosys. Gains continued in old economy stock as well, on expectations of improved results for the quarter ended September 2003. The rest of the market displayed a mixed trend. Infosys Technologies (up 3.94% to Rs 4,608.65) ended firm on renewed buying.

Satyam Computer rose to a new 52-week high of Rs 282.50, before settling at Rs 281.95, up 10.22% over its previous close. HCL Tech (up 3.89% to Rs 194.95) also gained ground on renewed buying interest. Wipro (up 8.48% to Rs 1,348.45) firmed up on renewed buying interest following improved quarterly results from Infosys Technologies.

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Among the others, KPIT Cummins Info (up 12.15% to Rs 265.90), Ramco Systems (up 10.69% to Rs 303.40), Aptech (up 10% to Rs 50.05), NIIT (up 7.46% to Rs 159.15) and Mastek (up 7.26% to Rs 268.30) also ended firm on renewed buying interest. However, Aztec Software (down 17.21% to Rs 29.10) lost ground after the company posted disappointing quarterly results.

However, Grasim (down 2.44% to Rs 709.65) and Gujarat Ambuja Cements (down 1.44% to Rs 242.65) lost ground on profit booking. Tata Motors (up 3.72% to Rs 371.85) also moved up to touch a new 52-week high of Rs 373.60 on sustained buying interest after the company announced a 49.8% rise in overall vehicle sales for the month of September 2003 at 28,302 units.

Other old economy pivotals such as Reliance Energy (up 4.16% to Rs 439.25), Tata Steel (up 2.42% to Rs 318.90), Hindalco (up 2.40% to Rs 1,084.95), Castrol India (up 1.76% to Rs 202.55) and HDFC (up 1.31% to Rs 539.45) also rose on sustained buying on hopes of improved quarterly results. Heavyweights Reliance Industries (up 3.41% to Rs 470.60), ITC (up 0.52% to Rs 885.60) and Hindustan Lever (up 0.45% to Rs 189.10) also contributed to the gains of the Sensex.

Day after PM Modi’s visit to the town, Manipur’s Churachandpur sees violent protest

India10 hr ago

Protests in Manipur's Churachandpur turned violent as two men were arrested for damaging decorations for PM Modi's visit. The crowd demanded their release and attempted to storm the police station. The men were eventually released after a bail hearing. The incident occurred after a clash between locals and police on Thursday, but the situation had calmed down before Saturday's visit.

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