Indices Record Gains On Foreign Institutional Buying
On another day of frenzied activity on the National Stock Exchange the (NSE)-50 Index registered a 32.20 points gain to close at 951.29 points.
Brokers were divided as to whether the announcements in the credit policy can be attributed as the only reason for the activity. A certain amount of short covering was witnessed on the Bombay Stock Exchange (BSE). The market could witness a further upswing, in the wake of fresh buying activity and a boost in sentiments, an NSE dealer said. According to institutional dealers, there has also been some genuine buying by a few foreign institutional investors which took advantage of the downside and picked up some good values.
Most of the bank stocks continued to gain with Bank of Rajasthan witnessing Rs 6.87 crore worth of volumes. It gained Rs 9.05. The total trading volumes on NSE were worth Rs 1159.07 crore, involving a net traded quantity of 599.71 lakh shares. The scrips that have registered major gains included ACC, which rose by Rs 107.20, closing at Rs 1639. Bajaj Auto continued its climb to close at Rs 992.50, gaining Rs 19.4, while SBI gained Rs 14.05 to close at Rs 237.70. Tisco registered a Rs 12.10 gain, while Reliance gained by Rs 11.75.
Among the other pivotals, Brooke Bond went up by Rs 11.25, E I Hotels closed Rs 11.40 over its previous close, Bombay Dyeing by Rs 8.55, MTNL rose by Rs 8.75, HDFC gained Rs 65.20, Tata Tea gained Rs 11.40
The top gainers on the exchange were Innovative Marine Foods (11.11 per cent), Niraj Petro (11.11 per cent), Marnite Polycast Ltd (10.94 per cent), PSI Data Systems Ltd (10.77 per cent) and Modi Luft (10.75 per cent). The top scrips that lost included Growth Techno Projects Ltd (9.74 per cent), 21st Century Management Services (9.41 per cent), Oswal Spinning & Weaving Mills (9.09 per cent), Shaw Wallace Gelatines (8.54 per cent) and Precimet Diamonds (I) Ltd (8.47 per cent).