Sensex At 8-Month High

The 30-stock Bombay Stock Exchange (BSE) sensitive index (Sensex) Friday settled at an 8-month high on renewed institutional support.

The Sensex crossed the 3,500-mark during intraday trades and touched the day's high of 3,514.75, but settled at 3,493.92, up 56.98 points.

Traded volumes dipped marginally, but gainers outnumbered the losers. On the National Stock Exchange, the S&P CNX Nifty Index gained 13.30 points to close at 1,123.75.

Hindustan Lever (up 3.34 per cent to Rs 230.65), ITC (up 2.35 per cent to Rs 715.30) and Reliance Industries (up 1.95 per cent at Rs 311.75) rose on sustained buying.

Hero Honda (up 3.96 per cent to Rs 319.20) improved on renewed buying. Defensive pharma stocks such as Ranbaxy (up 3.81 per cent to Rs 737.95), Dr Reddy's (up 2.44 per cent to Rs 954.90) and GlaxoSmithKline (up 1.39 per cent to Rs 361.20) gained ground towards the close of session.

However, public sector units (PSU) including refinery majors lost ground.

Hindustan Petroleum (down 3.71 per cent to Rs 238.70), MTNL (down 2.80 per cent to Rs 151.05) and Bhel (down 2.69 per cent to Rs 166.15) slipped on profit-booking, after recent gains.

BPCL (down 9.86 per cent to Rs 291.05) and Indian Oil (down 11.24 per cent to Rs 174.05) also lost ground on profit-booking.

Contrary to expectations, technology stocks improved on renewed institutional support.

Satyam Computer (up 4.06 per cent to Rs 285.60), HCL Technologies (up 3.65 per cent to Rs 279.60) and Infosys Technologies (up 0.64 to Rs 3,690.35) gained ground on fund-based buying.

Zee Telefilms (up 6.75 per cent to Rs 146) recovered, after Thursday's fall, on renewed buying support from institutions.

Frontline stocks such as VisualSoft (up 14.05 per cent to Rs 224.05) rose on sustained buying.

Tata Telecom (up 13.52 per cent to Rs 138.95) recovered, after Thursday's correction.

Among side counters, Henkel Spic (up 18.60 per cent to Rs 29.65) ended close to its 20 per cent upper limit on sustained buying, after the company announced impressive results.

Sundaram Fasteners (Rs 252) hit 20 per cent upper limit of the circuit breaker on renewed buying.

Even Indo Gulf Corporation (up 15.76 per cent to Rs 47.75) firmed up on renewed buying.