Mumbai, June 29: The markets on Tuesday remained range-bound with fertiliser scrips, lead by Indo Gulf Fertiliser, being the highlight of Tuesday's trading. However, on a day when the market players were desparately waiting for some good news, rumour mongers again targetted their old favourite, the index heavyweight HLL -- this time a 1:5 share spilt.According to brokers, the market has not shown any signs of weakness and the downside is limited to around 2.5 per cent from the current level in the worst case scenario. ``There is no weakness in the market and the downside for the Sensex is limited to 4050 points. On the other hand, in the case of a revival in the bullish sentiment, the upturn would be sharp,'' says a dealer with a city-based broking house.
On Tuesday, the Bombay Stock Exchange Sensitive Index moved between 4187.38 and 4138.95 points and closed with a gain of 12.16 points to 4170.83 points against Monday's 4158.67 points.
On the National Stock Exchnage, the S&P CNX Nifty opened at1192.20-- the same level where it closed on Monday-- and went up marginally to 1198.70 points. It closed the day-- the last trading day during the current settlment on the bourse-- with a net loss of 0.9 points to 1192.20 points.
During the day Indo Gulf Fertliser touched a high of Rs 52 and closed with a gained of Rs 2 to Rs 50.10. However, apart from the general euphoria about the fertliser stocks, the market is also taking a positive view of its copper division performing better after the global copper prices started moving up.
On the other hand, Gujarat State Fertliser, Zuari Industries, hit the upper circuits and closed at that level. While GSFL, with a total volume of 4.3 lakh shares on BSE, closed at Rs 54.50, Zuari closed at Rs 56.75. Nagarjuna Fertliser, after touching a high of Rs 21.25, closed at Rs 20.40 against its Monday close of Rs 18.80.
Among the pharma scrips, Smithkline Beecham Pharma is still holding firm and on Tuesday hit the upper circuit on BSE at 405 and closed at that level.Among the banking scrips, ICICI Bank, at Rs 37.10 hit the upper circuit and closed at the same level.
The IT scrips were lacklustre with market players saying the expectation game is over. Software major Infosys, after touching a high of Rs 3730, closed with a net loss of Rs 30 to Rs 3685. NIIT, which had gained Rs 100 on Monday, closed marginally higher at Rs 2085 -- a net gain of Rs 4. And Pentafour gained Rs 2 to close at Rs 1132.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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