Gains Moderate

Speculatives firmed up to close with moderate gains on the stock market yesterday following selective buying by speculators and financial institutions coupled with some short covering and closed with gains.

Foreign institutional investors were seen active which picked up shares of Tisco, State Bank of India and few other blue-chip stocks giving further push to share prices.

According to marketmen reports that government was considering a cut in excise duty on steels also fuelled some speculative buying to some extent.

The Delhi Stock Exchange sensitive index gained 5.20 points to close at 751.55 points.

State Bank of India, countrys largest public sector banking company shares trade heavily throughout the day on FII s and speculators buying followed by short covering and ended Rs 10.40 higher at Rs 288.75.

Tisco, the steel major shares was another counter which remained in great demand on expectations of cut in excise duty on steels and gathered Rs 3.10 at Rs 197.70 after touching sessions high of Rs 200.

ACC, ITC Ltd, Reliance Industries, Escorts, Brooke Bond Lipton India, Nestle India, JK Industries, Larsen and Toubro, LML Ltd., DCM Daewoo Motors, BSES Ltd and Arvind Miills also made some progress on selective buying.