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Sensex gains 17 pts in lacklustre trade 

Partha P Sinha & Deepak S Tanwar  
Mumbai, June 27: As the markets remain range-bound, the broking community is scouting for some definitive leads which can take the market northward. The US Fed meeting is scheduled for Wednesday to decide on the interest rates, and, according to market players, till then even a lead from the US markets will not be provided. ``But the popular belief among the analysts is that the Fed is going to leave the rates unchanged for the time being,'' said a BSE broker.

On Tuesday, even though the Sensex closed in the positive territory - a net gain of 16.82 points at 4686.91 - all the other indices, BSE 100, BSE 200, Dollex and BSE 500 showed negative close. However, the turnover on the exchange was relatively higher at Rs 4080.84 crore. The market is expecting lacklustre trading for the next two days, even though the FII investments showed another Rs 12 crore outflow for Monday. This comes after the FIIs - net of purchases - had sold equities worth Rs 365 crore on Friday. Tuesday opened with large number of software stocks. With sustained buying in software counters, the sentiment remained positive . However it changed when Satyam Comp came under strong selling pressure. The impact was also felt in other software counters and most showed a negative close.

The trading volume was relatively higher on both exchanges. Among the pivotals HLL, MTNL and Telco managed to attract huge investment buying. HLL, and MTNL showed handsome gains. Mirroring the sentiment, the Sensex opened at 4682.59 points, touched a peak of 4732.70 points, and closed at 4686.91 points. The low for the day was 4678.62 points. The S&P CNX Nifty on the NSE gained 3 points toclose at 1454 points. While the low for the day was 1448.95 points, the high for the day was 1467.15 points. The trading volume on the NSE was also comparatively higher at Rs 5030 crore.The number of advances on the BSE stood at 672, and that decline was at 761.

Around 158 stocks remained unchanged.Stocks which gained more than 7.9 per cent were Moser Baer, Sibar Soft, Salora Int, Krone Com, Adani Exports, Morepen Lab, Orient Paper, Nedungadi Bank, Vakrangee, Denim Ent. Other gainers for the day were GV Films, Daewoo Motors, VXL Inst, Binani Ind, Mirza Tan, Modiluft, Abacus Comp, Kajaria Ceramics.

Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.

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