Mumbai, July 14: A positive sentiment in the Asian markets rubbed off on the Indian markets today, reversing Monday's downward trend. The 30-share BSE Sensitive Index was up 49.33 points while the NSE-50 index recorded a gain of 3 points to close at 967.35 points. Market participants attributed the rise in share prices to the strengthening of the Asian markets and selective buying by operators FIIs.The Sensex opened at 3,335.13 points to touch a low of 3,310.95 points before closing at the day's high of 3,371.50 points, showing an intra-day volatility of 60 points.
Provisional figures collated by NSE show net FII buying at Rs 6.79 crore and net selling by domestic institutions at Rs 2.55 crore. On the BSE, FIIs were reported to be buying in select counters.
"The rise is basically attributed to steadying of the Asian markets," said a BSE broker. After Monday's round of profit-booking the market had turned nervous but fresh round of speculative activity at the bourses perked up share prices.
UTI wasalso reported to be buying selectively in the market, mainly in the B group shares. There was some amount of FII buying reportedly in the counters of HLL, Satyam Computers, Pentafour Software and Telco. "The market opened on a steady note with investors adopting a wait and watch attitude until mid-afternoon, after which the fact that the market has not fallen much and is unlikely to fall further led to a lot of shortcovering," said a BSE broker.
Software companies like Satyam Computers and Pentafour Software reported impressive results which saw a lot of buying interest in these counters.
ITC also saw high volumes at 19 lakh shares and State Bank of India at 39.67 lakh shares.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
