Sensex gains further

Saturday, May 31 1997

Sensex gains further

ENS ECONOMIC BUREAU

MUMBAI, May 30: Pivotals advanced further on the Bombay Stock Exchange (BSE) on short covering and fresh buying by financial institutions. The Sensex recovered by another 31 points. After a subdued spell, share prices rallied towards the end buying support. The closing rates showed widespread small to modest gains. The volume of business remained moderate.

The BSE sensitive index started at 3724.52 and dipped further on bear pressure to a low of 3714.76. However, activity picked up and the Sensex recovered gradually to finish at 3755.10 with a net gain of 30.99 points compared the previous level of 3724.11. The Sensex registered recovery of about 70 points during the last two consecutive trading sessions. The BSE-100 index closed at 1612.20 with a gain of 11.90 compared to the previous level of 1600.30.

Brokers said the sentiment was again boosted mainly due to brisk buying support once again in the Reliance counter. Besides this institutions led by UTI and others have also made fresh buying in blue chip shares like SBI, Tata Power, Tata Hydro and Tata Chem and others. FIIs kept a low profile .

Trading at the National Stock Exchange (NSE) was extended due to technical problem .

Reliance firmed up further by Rs 7.50 to Rs 303.75 on speculative buying. Hindustan Lever shot up by Rs 24.75 at Rs 1114.75 on buying support. SBI gained Rs 1.25 at Rs 306.75, ITC Rs 5.50 at Rs 436.50, Larsen Rs 6.75 at Rs 213 and BSES Rs 4 at Rs 238. ACC, Bajaj Auto, ABB, Century, Lakme, Hero Honda, IPCL, Nestle, Tata Steel, Tata Tea, and Ranbaxy also remained better. Ashok Leyland, Indian Hotels, Indian Rayon, Reckitt, Siemens and Thermax remained subdued.

On the NSE, the market player Reliance continued their leadership in the capital market and pushed up the indices moderately as pivotal prices gained further on buying support from financial institutions.

The NSE-50 index opened at 1039.85 points, touched day's high of 1051.20 points, low of 1038.90 and closed at 1050.90 points as against its previous close of 1038.20 points, showing a gain of 12.70 points. The Mid-cap index closed at 1116.15 points over the last trading day's close of 1102.95 points, gaining 13.20 points. The total turnover was Rs 1555.52 crore.