Tech stocks witness huge volatility
Mumbai: Tech stocks led by Infosys Technologies have ignored the overall market trend and saw huge volatility before settling with minor losses at close of trade on the bourses on Thursday. But smart gains in pharmaceutical and banking counters propelled the benchmark indices higher amidst considerable volatility on Thursday. Infosys Technologies was the most volatile of all the tech stocks, witnessing a 12-per cent fall from the day's high within 10 minutes. It came sharply off an intra-day high of Rs 3,225 to a low of Rs 2,866 around mid-morning following huge selling pressure. The stock, however, recovered from the lower levels later in the day to close at Rs 3,122.10, down nearly two per cent from its previous close.
Back to News Review index page  

FII investments surpass Rs 10,000 crore in 2003
Mumbai: FIIs invested around Rs 3,500 crore in the Indian markets in June, taking the net FII inflow in the first six months of 2003 beyond the Rs 10,000-crore mark. If FIIs continue to remain bullish on the Indian markets in the coming months, the net FII inflow for 2003 will surpass the record inflow of over Rs 13,292.70 crore in 2001, the highest inflow seen in the Indian markets since 1994, when FIIs made their debut in India. In June 2003 alone, FIIs invested Rs 3,437.7 crore, the highest inflow in a single month in the last two years. With this, the total FII investment in 2003 has touched Rs 10,206 crore, till date.
Back to News Review index page  

Banks, pharma stocks lead the race
Mumbai: Banking and pharmaceutical companies were leading a grand broad-based rally on the stock markets on Thursday. The benchmark 30-share Sensex of the BSE closed 1.07 per cent higher at 3,639.89. The broader 50-share S&P CNX Nifty of the NSE closed 10.85 points higher at 11,44.65. Dealers believe that the Sensex is well on course to the 3,750-mark, a level regarded as the next test whether this rally would take the indices to the dizzying peaks last seen a couple of years ago. However, tech stocks, which powered many an explosive rally in the past, were hammered down on Thursday. Technology leader Infosys, which is due to announce its first quarter results on July 10, was sold heavily by foreign funds. The stars, however, were bank stocks. The newly introduced BSE's sector index, Bankex, rose 4.7 per cent or nearly 81 points to close at 1,802.43.
Back to News Review index page  

Rupee rises
Mumbai: The rupee ended at 46.3975/4050 against the dollar on Thursday, marginally up from Wednesday's closing at 46.4150/4250 in a flat forex market. The market was very thin with not much movement in the spot. State-run banks apparently were supporting the currency at 46.39 levels, otherwise there could have been a sharp firming up in the rupee. In the forwards market, the premia continued to inch up, with the six-month premium closing at 2.83 per cent (2.75 per cent) and the premium for one year closing at 2.71 per cent (2.54 per cent).
Back to News Review index page