Sensex scales 6,000
Mumbai: The Bombay Stock Exchange's (BSE's) Sensex scaled past the 6,000 mark today, mostly because of institutional buying.

The Sensex opened above 6,000 and hit a high of 6,036.70 points during the day to close at 6,016.58 points, 0.33 per cent (19.88 points) higher than Tuesday's close and its highest close since 6,027.02 on February 18.

As a result, the combined investor wealth now stands at Rs14,69,631 crore, up 53.25 per cent from Rs9,58,960 crore on May 17, when the sensex fell to its lowest level this year.

Bank and automobile stocks were among the biggest gainers during the day while pharmaceutical and fast moving consumer goods company stocks were among the biggest losers.

Of the 30 scrips in the sensex basket, 16 closed with losses, reflecting nervousness at higher levels. The breadth of the market was far more positive, with gainers outpacing losers 2:1.

The bankex, was the biggest gainer, closing 3.39 per cent higher, followed by the auto index, which was up 1.13 per cent, and the PSU index with gains of 1.12 per cent.

However, the BSE healthcare index fell 0.64 per cent, the FMCG index was down 0.57 per cent and the BSE capital goods index was down 0.12 per cent.

Buying in banking scrips was fuelled by hopes of improved bank profitability following the rise in interest rates. Automobile company and public sector undertaking scrips attracted renewed buying attention after their recent price cuts.

Institutional buying mostly helped the index to rise in the afternoon session.
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Easing international oil prices also helped the sentiment.
ICICI Bank was the biggest gainer in the sensex, rising 4.80 per cent to close at Rs334.95, while the State Bank of India scrip gained 1.68 per cent to Rs513.30. IndusInd Bank jumped 10.8 per cent to Rs45.25. while Union Bank of India surged 12.2 per cent to Rs91.55. Media reports have speculated they could be merged.

Steel shares ended higher on market talk of producers raising prices. State-run Steel Authority of India Ltd, the industry leader, rose 0.3 per cent to Rs50.65 while Tata Iron and Steel Company Ltd, the second-biggest producer, added 0.2 per cent to Rs310.05.

Jyoti Structures rose by the maximum permissible 20 per cent to Rs145.90 after it said it was allotting 2 million shares to Reliance Energy Investments Pvt Ltd at a price of Rs111 each.

Tata Consultancy Services Ltd, Infosys Technologies Ltd and Wipro Ltd, India's top three exporters of software services, all rose about 1 per cent.

Honda Motors was up 2.51 per cent to Rs451.85 while Hindustan Petroleum Corporation gained 1.93 per cent to Rs361.45, Zee Telefilms was up 1.91 per cent to Rs155.

Pharmaceutical stocks were down on talk that the government would enforce drug price cuts. Cipla was the biggest loser in the Sensex falling 2.28 per cent to close at Rs271.70 followed by Ranbaxy Labs, down 2.27 per cent to Rs1049.20. Larsen & Toubro fell 1.33 per cent to Rs846.45, ITC was down 1.11 per cent to Rs1,135.55 and Grasim fell 1.07 per cent to Rs1,114.60.

Gainers outnumbered losers by about 2 :1 on the BSE while volumes jumped to 201 million shares from Tuesday's 147 million.

The BSE reported a turnover of Rs1,780.76 crore while the National Stock Exchange reported a turnover of Rs4063.31 crore.

Foreign institutional investors (FII) were net buyers of Indian shares worth Rs357.40 crore on Tuesday while domestic mutual funds were net sellers to the tune of Rs41.60 crore.
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Deccan Chronicle holdings' IPO price band at
RS 162-194 / share
Mumbai: Deccan Chronicle Holdings,' the publishers of the Andhra Pradesh-based newspaper Deccan Chronicle, IPO is opening for subscription from November 25 to December 2, 2004.

The issue will comprise 8.01 million equity shares. The price band for the book-built issue has been set at between Rs162 and Rs194 per equity share.

The float will have a green-shoe option of 1,201,960 equity shares and ICICI Securities has been appointed as the stabilisation agent.

The IPO is expected to yield between Rs130 crore and Rs155 crore to the company. The capital raised will be used to finance new printing facilities, to venture into new territories and to fund future strategic initiatives and acquisitions.

The company has said in a press release that it will be launching Deccan Chronicle in Tamil Nadu shortly.

The equity shares of Deccan Chronicle Holdings will be listed on the National Stock Exchange.
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