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Journalism of Courage
MUMBAI, DECEMBER 22: Share values spurted on the Bombay Stock Exchange (BSE) today by strong overnight gains on the tech-heavy US Nasdaq and hectic corporate restructuring activities in the Indian corporate sector. The benchmark Sensex rose 3.40 per cent, or 162.53 points, to 4,948.54 while the 50-share National Stock Exchange (NSE) index soared by 4.20 per cent, or 60.00 points to 1481.70.
With this gain, Sensex is now all set to touch the 5,000 mark once again for the second time this year. Apart from IT sector, cement stocks jumped in late afternoon trade on the news that Gujarat Ambuja Group had acquired a 7.2 per cent stake in leading cement company Associated Cement Companies Ltd (ACC). The announcement of the deal had triggered buying across the sector on a belief that restructuring of the industry would continue and there could be more deals in the offing.
Sensex (BSE sensitive index) opened with a wide gap at 4854.89 and gradually moved upwards to close at 4948.54 as against yesterday’s close of4786.01, netting a gain of 162.53 points. The BSE-100 index shot up by 65.06 points to 2546.93 from previous close of 2481.87.
Infosys Technologies flared up by Rs 885.55 to close at a new record high of Rs 11,955.45 on news that the company’s American Depository Receipts (ADRs) had closed at about $ 316 last night over $ 284 previously. There was a scramble for infotech stocks from both the groups following a sharp spurt in the Nasdaq composite index that flared up by 127.28 points to 3911.15 last night.
Meanwhile, for the second consecutive month, foreign institutional investors (FIIs) are net buyers in the country’s stock markets with investment of Rs 1,165 crore in the first three weeks of December. With this investment, total investment by FIIs this year has crossed Rs 6,000 crore. Till December 20, total investment by FIIs in 1999 has been Rs 6,244.2 crore, according to the Securities and Exchange Board of India .
Asian stocks boom
SINGAPORE: Technology fever stemming from the Nasdaq’s56th record high fanned into Asian stock markets on Wednesday, fuelling selected buying from Tokyo to Hong Kong. Tokyo stocks led the gainers, ending 2.11 per cent higher, while Korea and Taiwan also finished up, with a flurry of interest centred on the telecoms and electronic sectors.
But volume was generally thinning ahead of year-end, with expectations for the real upward push behind Asian equities to come into play after the new year. Currencies joined in the buoyant regional mood, with the Thai baht firming almost one per cent in thin trade, on hopes for capital inflows into regional equity markets. The Nasdaq composite index jumped 127.28 points or 3.36 per cent on Tuesday to close at 3,911.15, the 56th new high of the year.
