Sensex up 2.83%, IT remain in limelight

Sensex up 2.83%, IT remain in limelight

MUMBAI, MAY 31: A record surge on the Nasdaq fueled the Indian stock markets which rallied for the fifth consecutive day as sentiment was boosted by an all round buying support from foreign funds coupled with local support. The BSE Sensex shot up by 121.84 points up at 4,433.61 points though lower than its intra-day high of 4,536.10 points. The NSE Nifty also moved up further by 35.60 points 1380.45.

Brokers attributed fresh interest in Infotech, Communication and Entertainment (ICE) shares due to a strong rally in American stocks that pushed the Nasdaq Composite Index and Dow Jone Industrial Average by 254.37 points and 227.89 points respectively on Tuesday. The sentiment was also helped by a strong start in the Asian markets during morning session.

Leading technology shares that rose included Infosys Technologies which was up 11.56 per cent at Rs 6,990, Satyam Computer was up 12 per cent at Rs 2,541.80 and Zee Telefilms 5.74 per cent to Rs 516.95.

FIIs, which had been consistent net buyers to the tune of Rs 774 crore during the last four days till May 29, made fresh purchases in new economy stocks Satyam Computers, Infosys Tech, SSI, Global Tele, Aptech, Himachal Futuristic and NIIT. Domestic Institutions too picked up shares of select IT counters in small quantity.

Aptech, HFCL, Satyam Computers, SSI, Bombay Dyeing and Sterlite were locked in the upper price filter. At close of the 73 gainers in the specified list. HFCL remained the most active scrip having a turnover of Rs 326.37 crore of the total volume of business of Rs 3,213.27 crore. The market leader HFCL spurted by Rs 111 to Rs 1036.25. Dr Reddy's by Rs 37.05 to Rs 1386.05, Hindustan Lever by Rs 19.65 to Rs 2565, Mahindra by Rs 22.25 to Rs 250, NIIT by Rs 201.25 to Rs 1975.25, SBI by Rs 5.50 to Rs 203.50 and TISCO by Rs 4.90 to Rs 121.70.However, ACC dipped by Rs 7.40 to Rs 113.50, BHEL by Rs 6.80 to Rs 121.20, Grasim by Rs 8.50 to Rs 273.90, HPCL by Rs 17.45 to Rs 134.05, ITC by Rs 17 to Rs 724 and Nestle by Rs 9 to Rs 479.20.

NSE to start index-futures trading June 12

MUMBAI: The National Stock Exchange (NSE) announced on Wednesday that it plans to start trading in index futures from June 12, 2000. The futures contracts will be based on the 50-share S&P CNX Nifty Index and will have a maximum three-month expiration cycle.

"At any point of time, there will be three contractsavailable for trading with approximately one month, two months and three months to expiry," the NSE said in a statement.

The permitted lot size for the futures contract will be 200. The futures contract will expire on the last Thursday of the third month.

The NSE said the market for index futures will be open on all days on which the capital market was open for trading. Trading timings will be the same as the normal market segment.