MUMBAI, JUNE 28: After overcoming early resistance, equities rallied smartly lifting the benchmark Sensex by about 62 points in restricted activity on the Bombay Stock Exchange (BSE) today following selective buying by domestic financial institutions and mutual funds (MFs).The market initially came under pressure with majority of key scrips showing losses due to offerings by speculators and lack of FII activity following the negative trend in the high-technology stocks on New York Stock markets last night.Sensex opened moderately down at 4660.28 and later dipped further to the day's low of 4642.56. Later, it recovered its losses and even moved upwards to close at 4748.80 as against yesterday's close of 4686.91, showing a net rise of 61.89 points. The BSE-100 Index also advanced by 25.53 points to 2392.95 from previous close of 2367.42.While foreign investors (FIIs) preferred to keep away from making any transactions ahead of the US Fed meeting on interest rates hike late evening, domestic funds were net buyers in shares of public sector undertakings like MTNL, BHEL and select infotech stocks. Majority of shares including heavyweights like HLL, ITC, MTNL, BHEL, Satyam Computers and NIIT that aided Sensex to make a turnaround, attracted buying interest at the fag end.Shares of Bank of Baroda were in the forefront scoring an impressive rise of 6.82 per cent on announcement of excellent performance by the bank for 1999-00. Satyam Computer clocked the highest turnover of Rs 379.87 crore of the total volume of business of Rs 3003.67 crore. Satyam rose by Rs 75.75 to Rs 2922.10, HFCL firmed up by Rs 30.05 to Rs 1490.00, Global Tele by Rs 21.30 to Rs 1348.80, BSES by Rs 6.50 to Rs 260.90, Dr Reddy by Rs 24.55 to Rs 1299.25, HLL by Rs 65.60 to Rs 2888.75, ITC by Rs 44.55 to Rs 767.15, Infosys Tech by Rs 88.95 to Rs 8247.10, MTNL by Rs 5 to Rs 215.70 and NIIT by Rs 46.45 to Rs 2212.90.
