BOMBAY, 5 September 2004 — The Indian stock markets had its shares of ups and downs this week. Though the truckers’ strike came to an end, there is now concern over the rising inflation and oil prices.
On Monday the BSE closed at 5,186.
State Bank of India (SBI) was up after it hiked interest rates on home loans by 25-50 basis points.
On Tuesday, the BSE closed at 5,192.08. Telecom stocks were up. Bharati Tele was a gainer after it launched its AirTel mobile service in UP.
Mangalore Refinery and Petrochemicals (MRPL) was up. The company is planning an investment of Rs.13.00 billion on plant and product upgradation.
Kochi Refinery surged on reports that Bharat Petroleum Corporation (BPCL) is re-examining the merger proposal of Kochi Refinery with BPCL.
On Wednesday, the BSE closed at 5,210.85.
Cement stocks gained ground on expectations of strong figures for dispatches for the month of August 2004.
Steel scrips lost ground amid doubts about the pricing power of steelmakers at a time when the government is taking steps to rein in prices by way of a cut in duty protection.
On Thursday, the BSE Sensex closed at 5,198.72.
On Friday, the BSE closed at 5,218.46
Gold was at Rs.6,240/- per 10 gms and silver was at Rs. 10,985/- per kg.
US dollar was at Rs. 46.29, pound sterling at Rs.82.82, euro at Rs.55.88, UAE dirham at Rs. 12.64, Kuwaiti dinar at Rs. 154.60, Bahraini dinar at Rs.122.05, Saudi riyal at Rs.12.37, Qatari riyal at Rs.12.74 and Omani riyal at Rs.118.92.