THE HINDU BUSINESS LINE
Financial Daily
from THE HINDU group of publications

Wednesday, June 27, 2001

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Markets

Fast track
Sundram Fasteners: South-bound
EVEN as the general market trend in the past couple of weeks remained as bleak as ever, scrips from the automobile components industry, in particular, came in for some harsh treatment. The losers included Sundram Fasteners, MICO and Autolec.

Impact
UTI Bank: Luring FIIs, flat trends
THE UTI Bank stock may not show any significant improvement in valuation on the back of indications of seeking a larger FII holding of its equity.

Indian Rayon: Buyback deferral, a blip
INDIAN Rayon's move to put its buyback programme on hold may be only a temporary blip as far as the valuation of the stock is concerned. The company had last month announced its plans to put through a second round of buyback. But now following the planne d acquisition of a 70.35 per cent stake in PSI Data Systems for Rs 99.2 crore, the company has decided not to go ahead with the buyback plan.

Stocks
Lyons Range
THE Calcutta Stock Exchange on Tuesday saw reversal of a negative note in trading pattern. Select shares, particularly, top technology stocks, moved up on fresh buying.

Tech, cement, pharma stocks propel Sensex
MUMBAI:INSTITUTIONAL and mutual fund buying propelled the leading bourses to close considerably higher on Tuesday. The benchmark 30-share sensitive index (Sensex) on the Bombay Stock Exchange (BSE) closed at 3407.32 gaining 88.65 points or 2.67 per cent after hitting the day's low of 3288 and a high of 3412.

Heightened action in technology counters
SIGNIFICANT buying in technology counters helped the market indices finish on a firm note on Tuesday. The BSE Sensex ended the day at 3,407.32 points, up by 88.65 points (2.67 per cent).

Technical Analysis
Downtrend reversed
TUESDAY'S trading activity was totally dominated by the bulls. The bears were unable to extend their pressure during the day's trading. Bulls were successful in reversing the downtrend in the index.


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