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Old economy, FMCG stocks in bull run

Our Bureau

MUMBAI, May 29

THE old guard continued its march forward on Dalal Street as rupee faced fresh selling pressure on Monday. The day belonged to old economy and FMCG stocks on the Dalal Street. Stock prices vaulted, taking the benchmark BSE-30 share sensitive index to an intra-day high of 4222.65 before closing at 4189.85, netting a gain of 105.14 points or 2.57 per cent over the previous close. On NSE, the S&P CNX Nifty closed at 1311.05 gaining 35.7 points or 2.8 per cent over previous close.

Almost all the major sectoral indices posted gains on Monday with pharmaceuticals, consumer goods and old heavyweights rising sharply on the back of sizable purchases by local and foreign institutional investors (FIIs), traders said. As rupee closed at n ew low at 44.48/50, the weakening rupee was seen as favourable for FII purchases, traders said. FIIs have reportedly turned net purchasers over the last few sessions from net sellers in early May.

Reliance Industries rose sharply by Rs. 20 to close at Rs. 337.90 backed by purchases by FIIs and traders. Other major gainers were Novartis, Zee, NIIT, GACL, HLL, ICICI, Nestle, Dr Reddy, L&T and Hindalco.

Software stocks, which have been battered over the last few sessions showed mixed trend with Infosys Technologies, Satyam Computers, DSQ, BFL Software, Silverline, Kale Consultants, Rolta declining. On the other hand, Pentamedia, HCL, SSI and Sonata Soft ware posted gains.