Monday, November 29, 1999

BSE Sensex seesaws; Reliance gains, techs down

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MUMBAI (Reuters) The BSE Sensex flip-flopped on Thursday as weak Asian markets prompted investors to pause after the main index had rallied more than 5 percent over six sessions.Traders said the market was facing resistance after its longest winning streak in nine months. Although foreign fund investments have picked up on the back of robust factory output data, double-digit inflation was a concern."The pain due to Europe's troubles seems to be priced in.A steep downside from here doesn't look likely right now. That said, we are not going to rise very fast either," said R. Ganesh, director of Systematix Shares.Reliance Industries , which has the highest weight on the Sensex, rose 1.1 percent.The energy major may foray into the healthcare sector by buying a 26 percent stake in hospital chain Fortis Healthcare , the Financial Express reported.Fortis, which last week unveiled plans to raise as much as $1.2 billion, is positioning itself for a possible battle with Malaysian sovereign wealth fund Khazanah for Singapore's Parkway Holdings .Shares in Fortis were up 2.4 percent at 155.95 rupees.Top outsourcer Tata Consultancy Services dropped 0.6 percent, while rivals Infosys and Wipro shed 0.9 percent each.State-run explorer Oil & Natural Gas Corp was up 1.1 percent after the Hindustan Times reported a panel of ministers to look into freeing of fuel prices could meet next week.Foreign funds have been net buyers of Indian equities four sessions to Tuesday, taking their investment so far in June to nearly $588 million. In May, the funds had dumped $2 billion of stocks in the wake of the euro zone fiscal troubles.In the broader market, gainers led losers in a ratio of 1.3:1 on volume of 140 million shares.The 50-share NSE index was down 0.2 percent at 5,225.35.STOCKS ON THE MOVE* Non-ferrous metals maker Sterlite Industries dropped 0.7 percent to 684.60 rupees as London copper futures fell 1.8 percent.* Cairn India shed 0.6 percent to 306.60 rupees, as crude oil prices declined towards $77 per barrel.MAIN TOP 3 BY VOLUME* Reliance Natural Resources on 4.7 million shares* MTNL on nearly 3 million shares* Tata Teleservices (Maharashtra) on 1.9 million shares(Reporting by Ami Shah; Editing by Ranjit Gangadharan)
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