Share prices witnessed a marginal gain during the week at the Bangalore Stock Exchange (BgSE). The bourse witnessed alternate bouts of buying and selling, but interest was still centred largely on ITC and SBI.

The week was dominated by ITC which saw a smart rally. The scrip, which was virtually in hibernation during the past few weeks, gained largely on reports of heavy buying by foreign institutional investors. It also dislodged SBI from its numero uno slot vis-a-vis turnover at BgSE.

Opening the week at Rs 405.70 the scrip fell to Rs 399.95 on Monday and climbed to Rs 418.60 on Thursday and closed at a new high of Rs 439.40 on Friday. According to marketmen the scrip attracted buying mainly due to reports that company may fare well. The turnover in the scrip on Friday was Rs 16.28 crore compared to Rs 6.08 crore on Monday. The scrip was active in the odd lot market with Friday's figures being Rs 428 compared to Rs 397.50 on Monday. In the auction market the scrip was available for Rs 444.30 indicating the strong sentiment.

SBI witnessed a divergent trend for most part of the week. Alternate bouts of buying and selling aided the fortunes of the scrip. The scrip opened the week at Rs 307.50 and closed at Rs 304.30. The turnover in the scrip fell from Rs 14.51 crore on Monday to Rs 9.09 crore. In the auction market it was traded at Rs 305.75 on Friday.

Bank of India which caused a tizzy among brokers following its spectacular show seemed to have settled down. The scrip after beginning the week at Rs 73.55 closed at Rs 60.10.

The biggest fall during the week was that of ACC. The scrip has seen a steady reversal of fortunes. Opening the week at Rs 1,313, the scrip fell to Rs 1,225 on Monday and slumped further to Rs 1,165 on Friday.

Reliance was by and large lacklustre during the week and closed at Rs 293.30 compared to Rs 300.45 on Monday. L&T was mostly steady during the week and closed at Rs 213.50 compared to Rs 214.90 on Monday.

After opening at Rs 173.90, Tisco remained divergent and closed better at Rs 176.45 mainly on institutional purchases. Telco was also better at Rs 385 compared to Rs 378.85.

The turnover at the bourse on Friday was Rs 31.12 crore compared to Rs 26.34 crore on Monday.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.