Tech Chase Spurs Comeback

Equities ended flat on the Bombay Stock Exchange (BSE) today, after recovering from a nine-month low on renewed buying interest by domestic funds in technology stocks.

The BSE sensex settled 3.26 points lower at 2,987.65, off the intraday low of 2932.35, its lowest level since October 11, 2001.

On the National Stock Exchange (NSE), the S&P CNX Nifty index shed 1.75 points to close at 958.90.

Losers outnumbered gainers amid brisk trade. Marketmen said the markets remained volatile on reports that some brokers could be facing financial problems.

Select frontline technology stocks witnessed renewed buying interest. Satyam Computer advanced 1.15 per cent to Rs 207.45 on fund-based buying.

Infosys Technologies too settled firm. The stock closed 0.12 per cent higher at Rs 3,042.35, as the initial margin-related selling settled.

HCL Technologies gained 8.40 per cent to settle at Rs 187.70, swerved upwards from the day's low of Rs 164.10 on renewed buying.

NIIT (up 4.58 per cent to Rs 139.30) advanced from the intraday low of Rs 123 on renewed buying at lower levels after the initial fall.

Hughes Software (up 2.83 per cent to Rs 141.85), Digital GlobalSoft (up 2.62 per cent to Rs 569.55), Mascot Systems (up 2.44 per cent to Rs 157.15) and Wipro (up 2.03 per cent to Rs 1,143.30) ended higher on selective buying after losing ground in early trades.

Reliance Industries settled 0.75 per cent lower at Rs 244.95, but up from the intraday low of Rs 241.15, after the company posted satisfying quarterly results.

Reliance Petroleum (down 0.46 per cent to Rs 21.70) also ended lower, but off its day's low of Rs 21.50.

Among other bluechip stocks, FMCG major Hindustan Lever (down 1.18 per cent to Rs 171) and ITC (down 0.38 per cent to Rs 631.30) moved down.

Two-wheeler major Hero Honda Motor (down 3.56 per cent to Rs 268) and Bajaj Auto (down 2.28 per cent to Rs 420.90) improved on renewed buying interest.

Ranbaxy Labs (down 2.66 per cent to Rs 850.70) lost ground on reports that the DCA is investigating the alleged purchases of Ranbaxy shares by its subsidiary Vidyut Investments, in violation of Section 77 of the Companies Act. The company, meanwhile, has denied violating the law.