Saturday, May 30, 1998
Tisco, SAIL bounce back on bourses
Steel scrips bounced back on the stock markets following news that the steel industry has been spared another round of railway freight hike. Tisco's scrip hit the upper end of the circuit filter on both NSE and BSE. While Sail hit the filter on NSE at Rs 13.9, it appreciated by 8.47 per cent on BSE. The market anticipated a freight rate hike of 10-15 per cent.
Bear phase on bourses likely to end soon -- Morgan Stanley
Global fund manager Morgan Stanley has predicted that Indian equity market would soon hit upon the revival path, with the prolonged bear phase - since 1995 - coming to an end. Justifying its prediction, Morgan Stanley says the current rally has been more widespread across a large number of stocks compared to similar situations in early 1996 and 1997.
Sensex loses 36 points to close below 3,700 points
The Bombay Stock Exchange fell one per cent on Friday May 29, in the wake of Pakistani nuclear tests, stock brokers said. The 30-share BSE Sensex fell 35.54 points to 3,686.39 points. It had closed at 3721.93 points on May 28. J C Parikh, president of the exchange, said the market had bottomed out and may not fall any further.
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