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IT scrips' dip to 52-week lows and FIIs' sustained support mark the week; Sensex 3083.56, Nifty 899.70

Equities rallied on good buying support from foreign institutional investors and domestic institutions, which allowed the Sensex to breach past the 3000-psychological mark at the Bombay Stock Exchange during the week ended September 11.

However, key software scrips like Infosys Technologies, NIIT, Satyam Computers and Pentafour Software which had registered handsome gains in the recent past were quoting at their 52-week lows.

According to analysts, announcement of half-yearly results may lift the sombre sentiment, but for the time being, marketmen seem to be bearish on these scrips.

The tumble in Asian markets following uncertainty regarding President Bill Clinton's future did impact the local sentiments temporarily, but the overall movement of share prices was affected more by technical factors, which allowed an uptrend in the Sensex during the week. The stability of the rupee vis-a-vis the greenback also aided the positive sentiments.

The BSE-30 Sensitive Index (Sensex) rose by 108.46 points during the period to end at 3083.56 points on Friday from the previous week's close of 2975.10 points. The BSE-100 index closed at 1365.10 points, showing a gain of 41.85 points. The BSE-200 index climbed to 314.90 points, adding another 8.79 points. The Dollex index ended at 123.33 points, rising by 3.53 points.

The total turnover recorded on the BOLT network during the week was Rs 58.53 billion.

Finance Minister Yashwant Sinha, during his Bombay visit this week, reiterated the government's commitment to public sector disinvestment to kickstart the economy. Despite Sinha's assurances, the much awaited global depository receipts issue of Container Corporation was put off due to ''poor market conditions''. The government has set a commitment of divesting Rs 50 billion equity of public sector units during the current fiscal.

The Reserve Bank of India granted general permission to non-resident Indians to sell or transfer shares underlying GDRs/ADRs, provided the sale is put through a stock exchange or in terms of an open offer made under the Securities and Exchange Board of India's takeover regulations.

The stable political situation and climb of BSE and NSE indices boosted sentiments at the GDR market abroad. The Skindia GDR Index gained by 43.96 points to end at 625.20 points over the previous week's 581.24 points.

Pivotals rose in response to an upbeat mood that prevailed at the National Stock Exchange during the week.

The S&P CNX Nifty increased by 53.25 points to end at 899.70 points on September 11 from the previous week's close of 846.45 points. The CNX Nifty Junior eased by 2.50 points to 1463.40 points from the last week's closing of 1465.90 points.

The S&P CNX Defty closed at 733.50 points from previous week's 689.70 points, reflecting a net gain of 43.80 points.

The S&P CNX 500 and Midcap indices ended at 604.91 and 516.63 points from the last week's close of 583.32 and 513.32 points, exhibiting a net increase of 21.59 and 3.33 points respectively.

UNI