Pivotals gained little over the week at the National Stock Exchange with ITC, Tata Tea and Lakme hogging the limelight. The volumes at the bourse, however, were on a steady upswing.

The index shed 5 points over the week. The Nifty had closed the previous week at 1053.35 points.

On Monday, the index closed at 1040.50 points, shed 9 points on Tuesday, recovered 10 points on Wednesday, and finally closed the week at 1048 points.

Interestingly, the volumes at the bourse which stood at Rs 1065.08 crore on Monday, rose to Rs 1,113.20 crore on Tuesday, and continued to be on an upswing, touching Rs 1,483.84 crore on Wednesday, and Rs 1,526.19 crore on Thursday.

The three scrips which witnessed hectic activity during the week were ITC, Lakme and Tata Tea. Tata Tea perked up on rumours of a take over of the company which company officials denied. The scrip, however, recorded a gain of 24 per cent over the week.

It had closed the previous week at Rs 236.65. On Monday, the scrip actually closed lower at Rs 234.85, but did not look back, closing at Rs 245.10 on Tuesday, Rs 262.30 on Wednesday, Rs 275.70 on Thursday, and Rs 293 on Friday, an increase of Rs 59 over the week.

Lakme saw sudden FII interest and zoomed 30 per cent over the week. The scrip, which had closed the previous week at Rs 282.45, gained Rs 20 on Monday to close at Rs 302.25. On Tuesday, the scrip closed at Rs 308.95, Wednesday at Rs 330.45, Thursday at Rs 342.25, and continued its surge upwards to close on Friday at Rs 365.90, an increase of Rs 83 over the week.

ITC too witnessed a flurry in its stock price in the second half of the week. The scrip had closed the previous week at Rs 406.65. It recorded a fall in the first two trading days of the week to close on Tuesday at Rs 399.40.

On Wednesday, the scrip closed at Rs 406.70, but shot up to a close of Rs 423.90 on Thursday, and rose another Rs 15 on Friday, to close the week at Rs 438.60.

On the other hand, the pivotals were not so lucky. Reliance lost Rs 7 over the week.

The scrip had closed last week at Rs 301.20. It fell to a close of Rs 292.90 on Monday, and recovered to a close of Rs 296.05 on Wednesday only to fall to a close of Rs 294.75 on Friday.

State Bank of India lost Rs 4 over the week. The scrip which had closed the previous week at Rs 308.25 closed the week at Rs 304.85, after falling to a close of Rs 300.85 on Tuesday.

Tisco closed the week at Rs 176.70 as against its previous week's close of Rs 177.15, while L&T closed on Friday at Rs 213.65 as against the previous week's close of Rs 213.70.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.