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Wednesday, June 24, 1998

Sensex slumps and recovers

ENS ECONOMIC BUREAU  
MUMBAI, June 23: Thin volumes saw the 30-share BSE Sensitive index move in a narrow groove throughout the session on Tuesday, barring the initial phase when it slipped below the 3,000-points to touch an intra-day low of 2,954.86 points. Purchases by select institutions led by UTI in index-based stocks towards the last phase of the session helped the index close at 3,037.34 points, registering a net loss of 41.17 points over the previous close on a turnover of Rs 661.55 crore.

The last day of the trading cycle on the NSE saw the Nifty Index close at 875.60 points, losing 4.60 points over the last close.

Infotech counters continued to hog the limelight on account of phenomenal volumes registered at these counters. Satyam Computers was the centre of attraction with the stock moving in an extremely volatile band of 10 per cent downside and further 10 per cent upside of the price filter on both the bourses.

On the BSE, Satyam scrip was locked at lower limit of Rs 261.70 during the first phase of thesession, however, it suddenly changed direction to move upwards where it was locked at Rs 318 levels. Operators aver that FII purchases at this counter was the prominent feature of the day. Besides,the reason for this sharp swing was attributed to short-covering since today was the last day of the trading cycle on NSE. Also, Oppenheimer and Stitching funds were reported to have bought large chunks of Satyam stock. These hectic buying saw this counter contributing a phenomenal turnover of Rs 102 crore on the BSE and Rs 115 crore on the NSE.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.


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