MUMBAI, MAR 16: Pivotals remained better on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) today on revival of speculative support after the BJP and its allies were asked to form the new government.The sensex gained 69 points and NSE-50 index rose by 12.95 points. After a bullish spell, share prices attracted profit taking, pruning the top gains.
Foreign funds however, made limited buying awaiting news on the cabinet formation and economic policy. The closing rates showed widespread modest to handsome gains. The volume of business remained brisk.
The BSE sensitive opened at 3780.89, touched the day's high of 3832.51 but lost ground partially to close at 3785.23, with a net gain of 68.73 points over the previous close of 3716.50. The BSE-100 index gained 32.31 points to 1635.26 from the previous level of 1602.95. The proposed amalgamation of Pond's (India) Ltd (PIL) with the Hindustan Lever Ltd (HLL) in the ratio of three HLL shares for four PIL shares was welcomed by the market.PIL shares shot up by Rs 33.25 to Rs 1138.75 while HLL was up by a rupee to Rs 1579.
On the NSE share prices rose sharply on fresh buying by foreign funds as the political uncertainity came to an end. The NSE-50 index opened at 1077.75, rose to a high of 1102.60 and closed at 1090.45, showing a gain of 12.95 over the previous close . The Midcap opened at 1230.45, advanced further to a high of 1263.85 and closed at 1246.65, with a net gain of 16.55 from the last close of 1230.10. The total turnover was Rs 1,247.51 crore.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
