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Budget triggers massive buying in Media, tech and select old economy stocks

01-March-2001
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Budget triggers massive buying in Media, tech and select old economy stocks

The budget announcement triggered off a massive bout of buying in tech and select old economy stocks. The Sensex gained sharply and closed 177 points higher at 4247 (4.4%) from the previous close. The BSE recorded the highest number of 10,66,943 trades on Wednesday as against the previous high of 9,65,367 recorded on February 2, 2001. Zee also rebounded into the positive territory. FMCG, banking & finance and oil & gas stocks gained handsomely after the budget.

Media stocks gained significantly on budgetary sops wherein Crest Communication (up 13%), Pentamedia (up 10%), Jain Studios (up 12%), Sri Adhikari (up 10%), TV18, Odyssey Video, ATN International, Cinevista, Mukta Arts, Pritish Nandy Communications, Creative Eye, Balaji Tele, Tips and Hinduja Finance gained in a range of 7-8%.

The abolition of surcharge on corporate tax boosted many FMCG stocks. HLL was the biggest beneficiary among the Sensex FMCG stocks and the scrip closed at Rs229, up by Rs23. HLL recorded hefty volumes of 7.4mn shares on the BSE. Other FMCG stocks like Nestle (up 6%) and Colgate also gained well.

MTNL was a significant loser in the Sensex (down 7%) along with BSES (down 8%). Moreover, ITC closed at Rs778, down by Rs52 due to the imposition of a 15% surcharge on cigarettes. Other losers in the Sensex include Hindalco, Tisco and BHEL. Other gainers in the Sensex were Castrol, HPCL and Reliance (up 2.5%).

Satyam recovered smartly from lower level and finally closed at Rs347, up by Rs39. Satyam touched the day's high of Rs352 and low of Rs294. The scrip topped the volume chart on both the BSE and NSE at 21.2mn and 26.6mn shares respectively.

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