Cheerful end to 2003

STOCKS REPORT

The Indian markets ended 2003 at the year's closing high.

The benchmark Bombay Stock Exchange Sensex closed at 5838.96 on Wednesday, posting a gain of 0.81 per cent (47.11 points) over Tuesday's close. The NSE S & P CNX Nifty index closed at 1879.75 points, gaining 6.50 points over its previous close.

Asia's second biggest gainer (after Thailand), the Sensex ended with strong gains on the back of a good show by old economy sectors, boosting the benchmark index to a 46-month high.

In a volatile trading session, the Sensex moved in an intra-day range of 75 points touching a low of 5,801.52 and a high of 5,876.55 in intra-day trades today.

Stocks opened firm today but declined immediately before recovering once again. Selling pressure at higher levels dragged the market down once again in mid-afternoon trades.

Most market players were optimistic about the coming new year. Strong Foreign Institutional Investor (FII) inflows, good monsoons and corporate results have added up for the market to be in a positive mood.

Says a dealer from a domestic brokerage, " FII inflows in the Indian markets were at an all-time high this year, topping $ 7.5 billion, this in itself played the biggest part in driving up the markets."

Heavyweights Reliance Industries was up 2.15 per cent at Rs 573 and State Bank of India was up 1.99 per cent at Rs 538.50 and ITC was up 0.32 per cent at Rs 984.55.

Tata Steel was up 3.62 per cent at Rs 444.05 and Tata Motors was up 2.24 per cent at Rs 452.30. The counter hit a high on reports that the company will seek members' approval for raising the FII investment limit to 35 per cent of its capital.

Power sector pivotals Reliance Energy was up 2.73 per cent at Rs 510.90, BHEL was up 2.51 per cent at Rs 507.95 and Tata Power was up 1.60 per cent at Rs 313.90.

Tech pivotals Satyam Computer was up 1.23 per cent at Rs 367.35 and Infosys Tech was up 0.91 percent at Rs 303.85.

Hero Honda Motor was down 0.70 per cent at Rs 448.85 and Bajaj Auto was down 0.38 per cent at Rs 1,137.35. Elsewhere, Grasim was down 1.08 per cent at Rs 1,003.95 and ICICI Bank was down 0.44 per cent at Rs 295.70.