Partial Recovery

Share prices staged a partial recovery after remaining depressed for the better part of the session to close a shade higher on the Delhi Stock Exchange (DSE) yesterday following late buying by speculators amidst some short covering. Marketmen said the proposal of 12 per cent hike in freight rates proposed in the Railway Budget 1997-98 failed to have any immediate impact on the sentiment.

The market commenced on a sluggish note on selective selling by profit takers amidst absence of necessary buying support as major players preferred to adopt a cautious approach in view of Fridays financial budget. The DSE sensitive index ended with a minor gain of Rs 1.24 point to close at 728.26 points. Reliance Industries opened lower at Rs 262.15 dropped further to Rs 259.50 on some selling by operators.

However, some short covering by bear operators in the later part of the session wiped out early gains to close higher at Rs 266.25, again of Rs 2.50. Tisco quoted Rs 1.50 higher at Rs 185.40 after dropping to Rs 180.30 at the start.