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This is an archive article published on June 23, 1999

Sensex rises by 44 points

MUMBAI, JUNE 22: The sentiment remained bullish on the Bombay stock Exchange BSE today with pharma and software scrips in the limelight...

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MUMBAI, JUNE 22: The sentiment remained bullish on the Bombay stock Exchange BSE today with pharma and software scrips in the limelight on buying support extended by foreign funds and local operators.

Sensex BSE sensitive index surpassed the 52-week high mark recorded on Monday and closed at 4254.86 with a further gain of 44.50 points against the previous close of 4210.36. Sensex opened strong at 4236.01 and remained well above the 4200-mark throughout the session the day8217;s high was 4274.30 while the low was 4204.73. The BSE-100 index rose by 17.34 points to close at 1822.86.

Brokers said the market remained firm due to short covering and shifting of outstanding positions of brokers to the BSE from the National Stock Exchange NSE due to end-account on NSE today. Marketmen said that international pressure on Pakistan and capture of key heights in the Kargil region by the Indian army infused some confidence among them as they feel that the battle may soon enter a conclusive phase with the situationnot escalating.

FIIs shifted their focus on pharma and software sector and were reportedly net buyers in Wockhardt, E Merck, German Remedies, Ranbaxy, Rhone Poulenc, Parke Davis, Burroughs Welcome, NIIT, Pentafour Software, Infosys Technologies and some others from the B1 group.

On the NSE, pivotals continued their rally on sustained buying support by foreign institutional investors FIIs and bull operators.The Samp;P Cnx Nifty rose by 12 points to 1214.30 from 1202.30 of the previous day.

 

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