Mumbai, Oct 22: With the markets recoverying smartly from the day's low, market players say it's almost time to feel good again. And with the net outstanding positions coming down continuously on the back of heavy selling in the pharma and IT counters, Saturday's badla rates are also expected to be on the lower than last week's 21 per cent level. However, the continous outflow on the FII investment front is a cause for concern.On Friday, while BSE Sensex closed 53 points lower at 4783.08, the S&P CNX Nifty on the NSE shed 23.10 points and closed at 1430.25 points.
The weakness in the index-based stocks is contunuing. Throughout Friday's trading, the index-based stocks remained weak. Infosys was down by 2.8 per cent. HLL dipped by 2.55 per cent. NIIT and Ranbaxy also declined by 6 per cent and 3 per cent respectively. A fall on these counters was enough to push down the Sensex by 52 points. The Sensex opened at 4836.91 points, and then fell sharply to 4755.89 points. This happened during the first hour, and since then, the Sensex showed a steady recovery, and showed a close of 4783.93 points.
Among the pivotals, Reliance, SBI, Tisco, and Zee remained in the limelight. Reliance reported huge pressure. Tisco hit the upper circuit on both exchange. Following Tisco's uptrend, other steel stocks like Sail and Tisco also showed handsome gains. Zee also showed huge buying the during the last half an hour of the day.
As for software sector, the trend was more or less bearish. Satyam opened very weak and dipped to a low of Rs 1430. However, a steady recovery witnessed during the later half the day. Pentafour Software, Global Tele, Silverline, Digital Equipment, Tata Elxsi, and HCL also remained weak for a major part of the day.
Cement stock showed a mixed trend. ACC, Gujarat Ambuja, and L&T showed buying interest during the second half the day.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.