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Our Market Bureau
Mumbai, Sept 3: The Indian bourses remained insulated from a fresh fall in the Asian markets and rouble and the political turmoil in Malaysia with the sensex clocking a marginal gain of 31.98 points after a roller-coaster ride on Thursday. The markets opened on a weak note and went down by around 45 points but recovered in the mid-session and saw a sharp rise during the last half hour as the domestic institutions and FIIs entered the market. The Sensex opened lower at 2,885.30, moved between a narrow band of day's high at 2921 points and low of 2,879.12 to finally close at 2918.89 points, against a previous close of 2886.91 points. The S&P CNX Nifty gained a marginal 3.95 points to close at 846.45 against its previous close of 842.50.
FIIs were active on selective counters like ITC, BSES, Telco, Satyam, Wipro and Infosys. According to provisional figures collated by NSE, FIIs were net sellers at Rs 3.60 crore while domestic institutions were net buyers at Rs 7.10 crore. On the BSE, FIIs were net buyers atRs 20 crore with gross purchases of Rs 30 crore while domestic institutions were net buyers at Rs 27 crore with gross purchases of Rs 41 crore. ``The market might go up by another 100 points before a spate of profit booking brings it down again.
There is hardly any depth with barely any amount of interest,'' said Chetan Shah, a BSE broker. ``The markets have remained in the uncertainity zone for the last 55 sessions and are now looking for emergence of a new trend from the 56th session. Technically speaking we are expecting a rally of 300-400 points prior to profit booking while at the periphery we are witnessing a trickle of investors coming back,'' said Parag Dalvi, of Pranav Securities.
With the verdict on ITC Fera case coming up tomorrow, brokers expected a positive verdict with a high turnover in the stock. The tobacco giant registered the highest business volume of Rs 219 crore with the scrip price moving up from Rs 620.50 to Rs 637. ``The activity in the market these days is purely speculativewith little amount of long term players in the markets,'' said a BSE broker.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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