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Budget sends BSE Sensex zooming Thursday, March 1, 2001
MUMBAI, Feb 28 (Narad Online): On rumours of resolution of payment crisis and market-friendly budget proposals the battered IT sector received a major boost, driving equities up to score sharp gains that in turn lifted the sensex by a whopping 177 points at close on the Bombay Stock Exchange (BSE) on Wednesday.
The BSE Sensitive Index opened fractionally up at 4070.37 and later gradually moved upwards to the day's high of 4264.02 before closing at 4247.04 as against Tuesday's close of 4069.68, showing a net rise of 177.36 points or 4.36 per cent.
Riding piggyback on growth-oriented budget proposals for software industry, operators rushed to cover short positions in almost all the IT counters.
Market sources also attributed the turnaround to rumours that Unit Trust of India absorbed a sizeable chunk of shares of Himachal Futuristic and Global Telesystem from a leading bull reportedly trapped in default.
Sources said Himachal Futuristic, Global Tele and Zee Tele that touched lower circuit filter of 8 per cent at early stages, later made a strong comeback and even hit higher price band at close once operators were relieved of fears of payment crisis.
HLL, Tata Tea and bank shares also strengthened on positive proposals, while stocks of tobacco, steel and power sectors suffered a marked setback on fears that certain budget proposals would affect the bottom-line of companies.
In specified group, 107 counters including 21 index-based shares registered sharp gains while 35 others showed marked to moderate losses.
The BSE-200 Index and the dollex were quoted sharply up at 462.36 and 165.16 compared with previous close of 444.02 and 158.40 respectively. The BSE-500 Index shot up by 53.34 points to 1367.22 from yesterday's close of 1313.88.
Infosys Technologies was the most active scrip having recorded the highest turnover of Rs 715.97 crore followed by Satyam Computer (Rs 693.20 crore), Himachal Futuristic (Rs 593.88 crore), RIL (Rs 327.72 crore) and Wipro by (Rs 327.40 crore).
The market leader Infosys Tech flared up by 563.15 to 6258.50. Satyam Computer was up by 39.35 at 347, Himachal Futuristic by 92.05 at 670.40, RIL by 11.35 at 414.10, Wipro by 176.15 at 2544.80, Grasim by 21.45 at 320.40, HLL by 22.85 at 229.40, ICICI by 13.95 at 108.60, Nestle by 30.35 at 545.70, NIIT by 60.35 at 1242.60, Ranbaxy by 18.90 at 689.75, SBI by 21 at 245.75, Telco by 3.05 at 102.35, TVS Suzuki by 28.40 at 206.05 Corp Bank by 17.70 at 128.60, Global Tele by 51.10 at 404.25, Silverline by 23.15 at 185.20, Hero Honda by 83.10 at 812.85, Tata Tea by 24.80 at 268.30, Digital by 68.90 at 710.80 and SSI Ltd by 114.20 at 1272.45.
However, Tata power dipped by 12.25 to 145.80, BSES by 16.15 to 220.75, MTNL by 10.35 to 147.60, ITC by 51.85 to 777.80 and ACC by 4.65 to 177.85.
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