The Hindu : Bank shares in limelight

Online edition of India's National Newspaper
Wednesday, Dec 18, 2002

Business

Business

Bank shares in limelight

MUMBAI DEC. 17. Barring a smart rise in banking counters, select old economy heavyweights, led by tobacco major ITC declined moderately pushing down the Sensex by another 17.33 points to close at 3311.06 on the Bombay Stock Exchange today following fresh selling by operators as well as foreign funds.

Majority of banking counters, after initial setback, recovered smartly towards the fag end on fresh enquiries from local funds and retail investors and closed with gains. However, some of the other index-based old economy stocks such as Grasim, GACL, L&T, ACC, BHEL, BSES, HDFC, HPCL, RIL and Telco suffered sharp to moderate setback.

Polaris Software suffered a sharp setback and finished 4.36 per cent down following news that the Indonesian police in Jakarta arrested the CEO of the company over some dispute between the company and a local bank. The BSE-30 share sensitive index opened higher at 3338.88 and immediately touched a high of 3347.92.

Later, it dropped below yesterday's closing level of 3328.39 and remained in the negative territory for most part of the day before ending at 3311.06, a rise of 17.33 points. The broad-based BSE-100 index also dipped by 7.04 points to 1630.56 from 1637.60. — PTI

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