Better Buying

The conditions at the Delhi stock market improved marginally yesterday as foreign institutional investors (FIIs) and domestic investors made increased purchases of blue chip companies shares coupled with huge short-covering. Stock brokers said expectations that several companies which had to declare working results for the fiscal 1996-97 likely to better than expected mainly generated buying interest among players.

However, selling by profit takers reduced gains in some counters to some extent. The Delhi Stock Exchange sensitive index ended at 780.66 points against last close of 779.87 points. FIIs mainly picked up some multi-national and banking company stocks through the day.

ITC stocks traded heavily largely on FIIs frantic buying followed by short-covering and share prices went up by Rs 6.40 to close at Rs 447.40, the rise in stock was mainly attributed to expectations that it might post excellent working results today. SBI stocks gathered buying support from foreign as well as domestic players and shot up from Rs 305 to close at Rs 310.80.