Bullish Sentiment Persists

The trading sentiments on the National Stock Exchange (NSE) yesterday remained bullish and highly volatile following hectic activity in the Reliance (RIL) counter. The NSE-50 index opened at 1066.70, touched a high of 1073.90, went to a low of 1056.40 before closing at 1059.80, a loss of 0.80 points.

The RIL scrip witnessed a turnover of Rs 800.74 crore, out of a total turnover of Rs 1753.87 crore recorded on the exchange.

The RIL hit the price freeze level at Rs 318. It opened at Rs 306, touched a high of Rs 318 and a low of Rs 297.05 before closing at Rs 302.85, gaining Rs 3.65. The scrip enters no delivery period from today on the exchange. Market players feel that the price of the scrip will go up as punters will be able to carry forward the trade for the next four weeks.

The other scrips which saw hectic trading were SBI (Rs 414.42 crore), ITC (Rs 269.97 cr) and Tisco (Rs 34.96 cr). Sources said that after the RIL results were announced its price started plummeting, mainly on account of profit taking.

Activity was also seen in the ONGC counter with volumes surging to new heights. The scrip gained nearly Rs 16 to close at Rs 240.75 as against the earlier Rs 224.95. The total turnover went up to Rs 1.12 cr with 4.82 lakh shares changing hands. Sources said that with the political situation stabilising, the market should witness a turn around. The market should witness a steady progress hereafter. With RIL also showing encouraging results, there is every reason for the market to go up, said an NSE dealer.

There was considerable interest in Glaxo scrip and it touched its 52-week high during intra-day trading. The scrip closed at Rs 310.75, before touching a high of Rs 315.75, gaining nearly Rs 17.

The top five gainers included Damania Capital Markets (15.38 per cent), Global Boards (15.38 per cent), Gujarat Ambuja Proteins (14.29 per cent) and IFGL Refractories (13.92 per cent). Garware Polyester continued its downward run touching a

52-week low during intra-day trading. The scrip touched a low of Rs 66.25, before closing at the same level losing nearly Rs 3 in the process.