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Friday, November 13, 1998

RIL leads stock rally

ENS ECONOMIC BUREAU  
MUMBAI, November 12: Pivotals staged a smart rally under the leadership of Reliance, ITC and SBI on the Bombay Stock Exchange (BSE) following heavy speculative buying support from bull operators and institutional investors. Rumours that the petrochem giant Reliance Industries was preparing for buyback suddenly improved the market sentiments towards the end of the trading session, allowing other scrips like Telco, SBI, Castrol and Glaxo to register handsome gains, dealers said.

Sensex (30-scrip BSE sensitive index) opened at 2973.31 points, touched the day's high of 3010.84, fell to the day's low of 2944.06 points before closing at 3009.57 points, showing a net gain of 33.40 points from the previous close of 2976.17 points. The broad-based BSE-100 index advanced by 12.93 points to 1338.28 points as against the previous close of 1325.35 points.

Foreign funds did not participate actively while the domestic institutional investors made very limited purchases. Players were cautious in increasing theirpositions due to the alert given by the National Stock Exchange (NSE) about the meteoroid storm and they covered their exposed positions.

ITC firmed up by Rs 11.50 to Rs 739 on purchases of a substantial quantity of shares under buyback arrangement. Reliance shot up by Rs 7.30 to Rs 126.80 on interested buying of large quantity of shares. SBI, Pentafour, Zee ACC, TELCO, Castrol, NIIT and BHEL also remained better. Hindustan Lever fell moderately on selling pressure by mutual funds.

The total turnover dropped to Rs 989.22 crore. ITC remained in the top with a turnover of Rs 161.82 crore, Reliance totalled Rs 147.02 crore, SBI Rs 99.77 crore, Pentafour Software Rs 97.19 crore and Zee Tele Rs 70.88 crore.

On the NSE, select share prices recovered marginally on some low level buying. The S&P NCX Nifty closed 2.90 higher at 871.75 from the last close of 868.85. The total volume of business was at Rs 1,300.58 crore. The exchange witnessed 328 scrips advance, 614 scrips decline and 97 scrips steady. 49securities hit their price bands today, the NSE said.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.


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