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Friday, October 30, 1998

Stocks stage recovery on late buying 

 
Large-scale purchases by domestic as well as foreign institutional investors (FIIs) towards the middle of the session lifted stock prices to close higher on the stock market on Thursday after remaining subdued at the outset.

Marketmen said expectations that the government would issue an ordinance allowing companies to buy back their shares also triggered late buying in heavy-weighted stocks.

They said ahead of tomorrow's settlement, short-sellers were seen covering-up their positions, which also aided late recovery in stock prices. They said while domestic funds made sizeable purchases at strong Indian national company stocks, foreign funds picked-up stocks of multi-nationals and software companies. The Delhi index ended 3.79 points up at 642.98 points. ``Apart from massive buying by domestic funds, better half yearly working results by MTNL, a state-owned telecom company, also enthused the sentiments,'' said a DSE stock broker. MTNL shares, after remaining subdued for the better part of the session,rebounded to close Rs 2.45 higher at Rs 178. Though it dropped to Rs 171.55.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.


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