The Hindu : Rally in RIL, Infosys lifts Sensex

Online edition of India's National Newspaper
Tuesday, Aug 13, 2002

Business

Business

Rally in RIL, Infosys lifts Sensex

MUMBAI AUG. 12. The benchmark notched up yet another sharp rise of 31.51 points to close at 3007.85 on the Bombay Stock Exchange today, spurred by a smart rally in heavyweights such as RIL and Infosys Technologies.

Foreign funds showed keen interest in RIL and Infosys inducing retail investors to cover positions, a prominent broker said, adding that the revival of monsoon in many parts of the country also improved market sentiment.

The news of rise in infotech jobs and top Indian software companies were in the race for two mega global software projects was another contributing factor for IT counters.

Positive Wall Street advices kept sentiment upbeat. In the previous week, the Dow ended up 5.2 per cent and the tech-laden Nasdaq Composite Index finished up 4.7 per cent, its first gain in five straight weeks and was also the biggest gain for the Nasdaq since mid-May.

The BSE-30 share sensitive index opened slightly lower at 2972.59, which was also the day's low, and gradually moved up to a high of 3014.30 before finishing at 3007.85 against last Friday's close of 2976.34, a rise of 1.06 per cent. The broad-based BSE-100 index also improved further by 13.51 points to 1522.44 from 1508.93.

Second-rung IT as well as cyclical shares attracted brisk buying support from operators and retail investors

PTI

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