Foreign Institutional Investors Push Up Fera Share Prices
Fera stocks surged up to a strong finish in brisk activity on the Bombay Stock Exchange (BSE) today following heavy purchases by foreign institutional investors (FIIs) prompted by the recommendation of the Tarapore committee on capital account convertibility (CAC) for a phased implementation of CAC in the next three years beginning this fiscal.
FIIs were also reported to have purchased sizeable chunk of shares of Bhel, Tata Tea and Bajaj Auto. However, Unit Trust of India (UTI) pressed fresh sales in MTNL, Reliance Industries, Nestle and Bhel.
The BSE sensitive index had risen to the intra-day high of 3888.73 before closing at 3861.42 as against yesterday's close of 3838.85 showing a gain of 22.57 points. The BSE-100 index also moved up further by 11.22 points to 1656.06 from yesterdays level of 1644.84.
The BSE-200 and the Dollex were quoted up at 369.17 and 171.78 as compared to their overnight
closing prices of 367.06 and 170.66 respectively.
Brokers said Tata Tea attracted fresh buying support in view of continued rumours of take-over of the company by Hindustan Lever.
ACC scored further impressive gains on sustained interested buying ahead of the company's board meeting on June 18 to approve finalisation of accounts for 1996-97.
Colgate, Glaxo, Hindustan Lever, Nestle, Ranbaxy, Cadburys, Castrol and Reckitt and Colman showed sharp rises. MTNL, Telco and Tata Chem dropped moderately on local selling pressure.
Among the software scrips, Tata Infotech and Infosys Technologies Ltd were the major gainers of the day. Tata Infotech hit the uper end of the circuit breaker on the BSE at Rs 838.25. The scrip gained Rs 76 over the previous close. Infosys ended the day at Rs 1544, up Rs 17.25 over its previous close..