Select Scrips Recover

Select counters led by cement major ACC staged a recovery to close higher on the Delhi Stock Exchange (DSE) yesterday. This was due to revival of buying by financial institutions and short covering. Other scrips after moving both ways settled with moderate losses.

Reflecting the movements, the DSE sensitive index after dipping to 730.49 points during the session, recovered partially to close at 740.97 points, still showing a drop of 6.65 points.

According to marketmen in view of the approaching railway and financial budgets for the fiscal year 1997-98 operators adopted a cautious approach and kept their commitments at a low ebb.

The market commenced on a subdued note and share prices dropped gradually till mid-session on selling by foreign institutional investors and bear operators. It made a partial recovery towards the fag-end on speculators and financial institutions buying and pruned early losses in some counters.

ACC scrip was the centre of brisk activity for the major part of the day on speculators sizeable buying in the latter part of the session and ended higher at Rs 1476.50. Bajaj Auto rose sharply by Rs 26 to Rs 942 following massive buying by mutual funds and Mumbai based operators after remaining almost steady in early trading.