Financial Daily
from THE HINDU group of publications

Wednesday, June 27, 2001



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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.

The S&P CNX Nifty gained 24.95 points to close at 1092.95.

Fund buying was witnessed across the board in most scrips with technology, cements and some select pharmaceutical stocks being the limelight.

``In the last four days, most scrips have been hammered to such low levels that the scrip prices have now become quite attractive. Bargain-hunting is the main reason for the rise in the bourses,'' said a dealer.

Of the technology stocks, market leader Infosys Technologies gained Rs 227.50 to close at Rs 3,565.90. NIIT closed at Rs 346.25, up by Rs 47.75 and Satyam Computers was up by Rs 21.05 to close at Rs 176.55.

Among cement stocks, Grasim closed at Rs 304.45, up by Rs 10.34 while Gujarat Ambuja (Rs 187.55, up by Rs 2.25), ACC (Rs 132.90, up by Rs 2.75) and L&T (Rs 216.70, up by Rs 9.45) gained marginally.

In pharmaceutical stocks, Dr Reddy's Laboratories gained Rs 153.80 or 10.20 per cent to close at Rs 1,688.45, Ranbaxy also gained significantly to close at Rs 471.05 and Cipla gained Rs 37.30 to close at Rs 1,121.75. -- Our Bureau

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