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|April 21, 1999||
Early gains shrink as Lok Sabha adjourns; Sensex up 21 points to 3464.54
Adjournment of the Lok Sabha without passing the Budget and Finance Bill for the year 1999-2000 once again made the marketmen cautious as share prices, after registering smart gains, closed marginally higher at the Bombay Stock Exchange today.
The 30-share BSE Sensex opened at 3437.99 points. It went on to touch the day's high of 3483.79 points on expectations of passage of the Union Budget. However, once the Lok Sabha adjourned, the index plummeted to touch the day's low of 3436.74 points.
The Sensex closed at 3464.54 points, marginally higher by 20.55 points from the previous close 3443.99 points.
Apart from infotech, pharma shares, aluminium companies like Hindalco and Nalco posted handsome gains. Hindalco closed at Rs 552.75. In the last two weeks, it has gained by Rs 150 despite political uncertainty, an analyst at a leading brokerage house said.
Most of the shares lost sharply from their intra-day high on the non-passage of Budget. It was the unanimous decision of political parties on the directives of President that the Budget would be passed on April 21 without debate.
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