MUMBAI, June 2: Pivotals led by ITC, SBI, Hindustan Lever and others firmed on the Bombay Stock Exchange (BSE) today on speculative support coupled with fresh buying by financial institutions. The sensex crossed the 3800 mark. The new account started better and select scrips improved as the session progressed. The volume of business expanded and crossed the Rs 700 crore mark.

The BSE sensitive index started better at 3758.39, gradually moved upwards to cross the 3800-mark and closed at 3808.18 with a net gain of 53.08 points compared the previous level of 3755.10. The BSE-100 index also shot up by 21.97 points to 1634.17 from the previous level of 1612.20.

Brokers said ITC remained in the limelight having scored sharp gains on hectic buying interest. FIIs were reported to have bought over 10 lakh shares of the tobacco king. SBI also attracted brisk activity on the reckoning that the bank's performance was excellent for the year 1996-97. The board of the bank would meet on June 19 to approve the annual accounts.

Despite a statement by Prime Minister I K Gujral that he would suggest some options on the issue of the petroleum price hike at the United Front Steering Committee meeting at Delhi on June 8, marketmen ignored this issue.

ITC remained the most active scrip with a turnover of Rs 237.49 crore in the total volume of business of Rs 701.56 crore followed by SBI of Rs 175.63 crore, Reliance of Rs 120.28 crore, Tata Steel of Rs 22.50 crore and Telco of Rs 20.76 crore.

ITC spurted from Rs 436.50 to Rs 478.50 on specualtive buying. SBI rallied to Rs 8.75 to Rs 315.50 and Bajaj Auto Rs 24.75 at Rs 886.75 on fresh buying. Tata Steel and Reliance edged up on buying support. Hindustan Lever gained Rs 30 at Rs 1144.75, Castrol Rs 10.75 at Rs 438.50 and Hindalco Rs 9 at Rs 942.50.

On the National Stock Exchange, select shares improved on brisk buying support. NSE-50 index closed at 1064.95, showing a gain of 14.05 points.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.