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ENS ECONOMIC BUREAU
MUMBAI, SEPT 22: Select pivotals recovered slightly on the Bombay Stock Exchange (BSE) today mainly on buying by the financial institutions coupled with short covering. After a subdued spell during the mid-session, share prices rallied at the fag end. The Sensex gained 15 points.
Most of the market participants were busy in squaring up their positions on account of end of weekly settlement on the National Stock Exchange (NSE). The closing rates showed small and widespread gains while the volume of business was brisk.
The Bombay Sensitive moved between 3103.87 and 3070.62 points, before closing at 3095.25, with small net gain of 14.34 points against the previous close of 3080.91. The BSE-100 index recovered by 4.40 points to 1373.89 from the previous level of 1369.49.
Brokers say the sentiment was also helped by the recovery in global markets. The Hong Kong's key Hang Seng Index, which had fallen 3.7 per cent Monday, rebounded by 3.3 per cent. Singapore's Straits Times index also rose 1.1 per cent,rebounded from Monday's 3.3 per cent fall. Markets in New York and London also reported impressive gains.
Operators said during the mid-session the market reacted sharply to the news that the centre had recommended dismissal of Rabri Devi government in Bihar and for imposition of President's rule. The Sensex cringed on selling pressure to touch a low of 3070.62 but marketmen sighed in relief that the President had not yet approved the decision and repurchased for covering up positions which lifted the Sensex slightly higher.
The total turnover amounted to Rs 1317.10 crore. ITC was the leader with a turnover of Rs 310.75 crore. ITC firmed up by Rs 8.50 to Rs 660 on short covering. Pentafour, Satyam Computers and Zee Telefilms also remained better.
On the NSE, share prices declined further on the last day of the current settlement following renewed offerings. The S&P CNX Nifty started better at 987.85 and after touching a high of 900.80, closed at 897.25, showing a minor loss of 0.45 over the last closeof 897.70. The total volume of business stood higher at Rs 1,426.34 crore.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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