BOMBAY, 19 January 2003 — On Monday, the BSE began on a weak note and closed at 3,327.16. IT stocks were sold as well as PSU stocks. MTNL, HPCL, Bhel were among the day’s major losers and Zee Telefilms was also down.
On Tuesday, the BSE closed at 3,335.35. Cement shares attracted buying. Telco was also up. Reliance Industries was down after Moody’s Investors Service said that it had affirmed a Ba2 rating for the company’s senior unsecured debt securities but changed the outlook to negative from stable.
On Wednesday, buying in IT and select old economy stocks led to the BSE’s closing at 3357.69. Banking sector stocks also emerged higher on buying support. However, the gains in the Sensex were limited on account of weakness in heavyweights like Reliance Industries and Hindustan Lever. Meanwhile news came in that Cadbury India will be delisted from the BSE from Jan. 20 as its foreign parent have acquired over 90 percent stake in the Indian subsidiary. The acquirer has agreed to provide an exit option to existing shareholders at Rs.500 per share at any time during one year from the date of delisting.
On Thursday, the BSE ended the session on a higher note. The BSE recorded a gain of 15.83 points to end the day at 3,373.52. PSU stocks were in the limelight following rumors of special dividends.
And on Friday, the market had a lackluster session. Snapping its three-session winning streak, the BSE settled 3.13 points lower at 3,370.39. It was a day of "big" results. ACC, India’s biggest cement maker, reported for its October-December a 19.4 percent rise in net profit.
ITC, India’s largest tobacco company, reported a third-quarter net profit of Rs.3,240 million ($67.6 million), up 21.8 percent. The stock recovered from its intra-day low of Rs.680 after the results as it pleased analysts.
Gold was at Rs.5,710/- per 10 gms and silver was at Rs.8,130/- per Kg.
US dollar was at Rs.47.92, pound sterling at Rs.77.50, euro at Rs.51.07, UAE dirham at Rs. 13.05, Kuwaiti dinar at Rs.160.31, Bahraini dinar at Rs.127.09, Saudi riyal at Rs.12.78, Qatari riyal at Rs.13.16 and Omani riyal at Rs. 124.46.
–