Mumbai, Oct 5: With the counting of ballots set to start on Wednesday, extreme volatility marked trading on Tuesday, the last day of current settlement on the NSE. After a lacklustre opening, the markets went up a bit, then dipped below the day's opening level and then again went up and closed near the day's high. According to market players, from Wednesday trading will largely be influenced by the trends that emerge from the counting of votes.While the BSE Sensex closed 54.20 points higher at 4708.92 points, the S&P CNX Nifty on the NSE closed with a net gain of 5.85 points at 1378.15. Short covering on the NSE, combined with some speculative buying by the operators, gave some strength to the market towards the closing. Infotech stocks led by Satyam were in the limelight. Among pivotals, Reliance recovered some ground towards the end and closed strong.
The combined volumes in the two leading exchnages were also much higher -- around Rs 5800 crore, up from Monday's unimpressive level -- Rs 4500 crore. And the turnover on the NSE, at Rs 3407 crore, was almost Rs 1000 crore more than the BSE's Rs 2460 crore turnover on Tuesday.
The BSE Sensex opened marginally lower at 4648.78, went up to around the 4680 level, then dipped to the day's low at 4627.04, then recovered smartly and closed at the day's high of 4708.92 points against its Monday close of 4708.92.
The Nifty on the other hand, opened at 1372.40, and with a net gain of 5.85 points closed at 1378.15 points against its Monday close of 1372.30. During the day, the index traded between 1358.95 and 1384.35 points.
On the BSE, Reliance closed at Rs 238 and on the NSE it was Rs 237.60. Among the otehr counters, Global Telesystem went up to Rs 530 from its opening level of Rs 479 and closed at Rs 530. Marketmen expect some more action in the counter during the next few days.
Fireworks likely at Satyam Computers counter
With Tuesday's RBI notification pegging the FII holding in Satyam at 26 per cent, and not 28 per cent as was being widely held in the market, the counter is expected to see some more fireworks during the next few sessions. Additionally, software analysts also expect the company to announce very good results for the quarter ended September 1999. This will also give a further boost to the Satyam scrip. During the last two weeks, UTI was rumoured to have been buying in the counter heavily.
On Tuesday, the scrip gained around Rs 60 to close at Rs 1195 on the BSE and topped the turnover table with a volume of Rs 292 crore. And on the NSE, with a total turnover of Rs 326 crore it closed at Rs 1179.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.