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FTSE kicks off firm; buoys domestic market
April 02, 2003 15:40 IST
The market took on renewed vitality in afternoon trades as European and Asian markets were a choir of strength.
In fact, no sooner it commenced trading today, the London FTSE spurted 46.7 points to 3,731.5.
Apart from London's benchmark index, Asian markets proved firm as well, on falling crude oil and gold prices.
By 13:50 IST, the BSE Sensex was trading at 3,104.86, up 23.91 points, having recovered from its low of 3,079.62.
Dealers say the FTSE's firm opening has regenerated activity on domestic bourses. Operators today have been at the forefronts, pursuing many frontline counters. The positive Dow Futures (up 82 points at 8,122) and Nasdaq Futures (up 14 points at 1,037) also contributed to the firmness in the market today.
Zee Telefilms (up 4.96% to Rs 68.80), Satyam Computer (up 3.14% to Rs 179.05), Hero Honda (up 2.42% to Rs 190.70), Hindustan Lever (up 1.94% to Rs 152.45), HCL Technologies (up 1.84% to Rs 158.10), Tisco (up 1.37% to Rs 137.15) and Infosys Technologies (up 0.87% to Rs 4,117) were some prominent gainers in the BSE Sensex today.
However, some contend that the rise in overseas markets is just a technical rebound after a recent fall. They feel that the international trend may not sustain and, with that, domestic markets will also have to reckon with a reversal.
A fall in crude oil and gold prices has encouraged global sentiment today. Nymex crude futures have fallen after the strike in Nigeria, which was threatening to disrupt oil supplies, was called off yesterday. Crude futures are currently trading down 42 cents at $29.36 a barrel. Prices had moved above $31 a barrel on fears of a supply disruption and the war in Iraq. Gold prices too fell on rumours of Iraqi President Saddam Hussein's death. Spot gold was trading down 35 cents at $334.35 an ounce.
Meanwhile, the BSE Sensex has risen 1.84% or 56.14 points to 3,104.86 from 3,048.72 on 31 March 2003. In the prior three sessions between 26 and 31 March 2003, the BSE Sensex lost 3% or 94.86 points to 3,048.72 from 3,143.58. Between 28 February and 31 March 2003, the BSE Sensex has shed 7.15% or 234.94 points from 3,283.66.
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