950809

Bomay equities

finish stronger in

new account trade

BOMBAY: Shares on the Bombay Stock Exchange (BSE) finished stronger at the start of a new account in A-group stocks, brokers said.

BSE's 30-share index rose 37.95 points to end at a provisional 3,429.56, slightly off the day's high of 3,432.96 points. The composite National index rose 4.63 points to a provisional close of 1,576.43.

Brokers said foreign funds were active in shares of consumer electronics firms Philips and Videocon International. They also bought State Bank of India, Grasim, Hindalco and Infosys Technologies, brokers said.

"There was a good amount of buying by (FIIs) foreign institutional investors in select counters but the market was up because it was the first day of the settlement," said a trader at a foreign broking house.

Speculators took fresh positions in shares that went into a no-delivery period on the current account. No delivery allows speculators to play in the share until the end of the next account in one month.

Hindustan Motors rose to 28.50 rupees from 25.50 with more than 340,000 shares traded. Jaiprakash Industries ended at 51.50 rupees from 48.50 rupees with more than 104,000 shares traded.

Shares that turned no delivery on BSE include Bharat Heavy Electricals, Essar Shipping, Gujarat State Fertiliser Co., Hindustan Motors, ITC Ltd, Jaiprakash Industries, Madras Refineries, Steel Authority of India and Wimco.

"We are not likely to see much fluctuation and the index should remain at 3,400 levels on Friday," said Satish Menon at dealers Parag Parikh. Indian bourses will remain closed on Thursday owing to a public holiday.

Shares on the National Stock Exchange (NSE) also ended firmer in a new account. Speculators were active in TELCO which rose 2.50 rupees to 604.50.-Reuter