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Our Market Bureau
Mumbai, Sept 17: Equities on the Mumbai Stock Exchange (BSE) declined marginally by 17.36 points to close at 3121.30. Shares opened better and improved further as operators made fresh commitments despite reports of subdued overseas markets. The index moved down during the end of the session on profit booking. In an otherwise lacklustre market marked by thin volumes, the Birla group shares hogged the limelight prompted by the proposed restructuring of the cement businesses of Grasim Industries and Indian Rayon. The buying was spread to scrips like Grasim Industries, Century Textiles and Hindalco, which scored impressive gains.
The markets are slated to move in a narrow range of 100-200 points. ``The true level of index is around 3,000 to 3,300 mark,'' said a BSE broker.
Dealers said operators were entering into fresh deals at a limit to enable them to book profits at higher levels. Domestic institutions were also active on the bourses today. UTI made purchases on the counters of East India Hotels, IndianHotels, Hindalco, Pfizer. According to market participants, UTI is now concentrating on broad based stocks like hotels and commodity sector.
FIIs were reported to have bought Satyam Computers, Zee Telefilms and Pfizer. SBC Warburg Dillion Read ia reported to have placed a buy order at the counter of Satyam Computers and Zee Telefilms. It is reported that the Development Bank of Singapore has been very active on the Indian bourses in the past one week and has reportedly bought huge chunks of Satyam Computers, Pentafour Software and other infotech counters.
LIC MF was seen making purchases in small lots of shares of Reliance, M&M, GACL, Corporation Bank and SBI. FIIs reportedly picked up shares of GE Shipping and pressed sales in Colgate, HLL and Dr Reddy's Lab. The top ten traded scrips on the BSE were Zee Tele, Satyam, ITC, Pentafour Software, Reliance, SBI, Digital, Dr Reddy's Lab, Tata Tea and Castrol. Equity prices moved down during the late hours on profittaking at higher levels against a lukewarmsupport from institutional investors.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
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