BOMBAY, 25 May 2003 — On Monday, the BSE closed at 3,043.89.
The biggest loser of the day was Infosys Technologies. There was overall selling on almost all the counters. Public sector undertaking (PSU) stocks were once again down on concerns of disinvestment. Pharma stocks also bore the brunt of selling. The only major gainers of the day were cement stocks like Grasim, L &T and Gujarat Ambuja Cements on hopes of improved cement off-take.
On Tuesday the BSE closed at 3,062.92.
In specific stocks, BSES firmed up on hopes that the Electricity Act would help the company to improve its financial performance.
Infosys Technologies continued to be mired in rumors. The company refused to comment on rumors of some clients seeking a cut in the billing rates. There was a new set of rumor that there has been a delay in the proposed sponsored American Depository Receipt issue. The company clarified that it has filed a registration statement in Form F3 with the Securities Exchange Commission, US and was awaiting approvals.
ONGC firmed up to touch a new 52-week high on renewed buying support after BPCL said that it will purchase crude from the company at market rates.
Amtrex Hitachi saw incessant selling after the Securities and Exchange Board of India (SEBI) issued a show-cause notice to the Lalbhai Group for violating the provisions of the Takeover Code.
On Wednesday, the BSE closed at 3,057.09. Hero Honda zoomed following the company recording strong sales after its recent foray into the medium and heavy commercial vehicles segment.
Bongaigaon Refinery was also up following the last quarter’s sterling turnaround with a net profit of Rs.1,094 million.
On Thursday, the BSE closed at 3,040.79. IT shares continued to witness selling in early trades as a strengthening rupee continued to worry the marketmen.
On the other hand, steel shares attracted buying interest.
The China quota for various products and segments are likely to come under review on May 22-23. After the new quota comes into effect it is expected that prices would appreciate.
And on Friday, the BSE closed at 3,049.84. Buying was seen on the counters of Telco. Investment buying was also seen in Hindalco with international aluminum prices firming up and demand spurting as well.
Gold was at Rs. 5,700/- per 10 gms and silver was at Rs. 8,065/- per Kg.
US dollar was at Rs. 47.36, pound sterling at Rs. 76.59, euro at Rs. 55.15, UAE dirham at Rs. 12.73, Kuwaiti dinar at Rs. 156.59, Bahraini dinar at Rs. 124.03, Saudi riyal at Rs. 12.47, Qatari riyal at Rs.12.85 and Omani riyal at Rs.121.46.