High economic growth lifts stock market by 150 pts Thursday, April 1 2004 17:11 Hrs (IST)
Mumbai:
In response to the unexpected high economic growth rate, the Sensex soared by 150 points to end at three-week high in line with a sharp stocks rally on the beginning session of new fiscal at the Bombay Stock Exchange (BSE) today (Apr 1, 2004) on across-the-board buying support from investors.
The BSE Benchmark 30-share Index opened on a promising note at 5599.12 and gradually moved upwards to the intra-day high at 5750.29 before ending at 5740.85 as against yesterday's close of 5590.60, a whopping net rise of 150.25 points or 2.69 per cent.
Investors were enthused by the unexpected high economic growth rate of 10.4 per cent for the third quarter of 2003-04.
The market also was driven by hefty net investments of Rs 639 crore on Monday and Tuesday by Foreign Institutional Investors (FIIs), which have been consistent net buyers for the past two weeks.
Domestic financial institutions and operators too joined the bandwagon making all-round commitments in a number of counters at the prevailing price levels.
Among the PSU (Public Sector Undertakings) stocks, MTNL (Mahanagar Telephone Nigam Limited) fared well scoring impressive gains in a positive reaction to the 7.69 per cent strong upsurge in the company's ADRs (American Depository Receipts) on Wall Street yesterday (Mar 31, 2004).
The top heavyweight RIL (Reliance industries Limited) recorded sharp gains on buying prompted by news that the company has made two new gas discoveries at its D-6 block, in Bay of Bengal.
