BOMBAY, 2 May 2004 — The BSE was closed on Monday.
On Tuesday, it fell by 213 points and ended at 5,712.28. Exit polls indicated that NDA was losing ground and it could end up with a tally of 235-279 seats out of the total of 545 seats. This is in direct contrast to the earlier poll projections which had predicted a majority for the NDA government. Traders and funds booked profit wherever and whatever the stock. The market continued to reel under the selling pressure on Wednesday also but Life Insurance Corporation is understood to have made net purchases of around Rs.1.80 billion on Tuesday and Wednesday. Sources said LIC made net purchases of close to Rs.800 million on Tuesday while Wednesday’s purchases were about Rs.1.00 billion. Market sources said that LIC’s buying had helped stem the fall in equity prices on Wednesday.
On Wednesday, the BSE ended at 5,713.09. In specific stocks, the Rane group companies made an open offer for 20 percent of Rane Engine Valves at a price of Rs.410 per share. The offer opens on June 10 and closes on July 10. Grasim was up after it announced impressive Q4 and FY 2003-04 results. On Thursday, the markets once fell after two heavyweights — Reliance Industries (RIL) and Hindustan Lever (HLL) — announced results.
On Friday, the BSE closed at 5,655.09.
Shares of sugar companies surged. The biggest gainer was Bajaj Hindustan which rose after the company registered a manifold rise in its Q2 March 2004 net profit on the back of improved profitability of the sugar business.
Gold was at Rs.5,835/- per 10 gms and silver was at Rs.9,030/- per Kg. US dollar was at Rs.44.37, pound sterling at Rs.78.65, euro at Rs.53.02, UAE dirham at Rs.12.09, Kuwaiti dinar at Rs.150.63, Bahraini dinar at Rs.117.82, Saudi riyal at Rs.11.84, Qatari riyal at Rs.12.20 and Omani riyal at Rs.115.38.