Shares Breach Resistance Level On Short Covering

The BSE-100 spurted by 17.73 points to 1487.66. The BSE- 200 and Dollex finished at 330.37 and 153.34 compared to 327.08 and 151.81 previously.

There was no major change in trading pattern with activity concentrated on few select counters like RIL, SBI, ITC, Tisco, Telco, BSES and MTNL. Analysts were confused about the current market behaviour as prices have been improving in one session and drifting the next day. Brokers were having cautious approach because of the uncertainties about the future behaviour. The government has been repeatedly promising about the relief package but it has not materialised.

As the foreign investors have reached buying ceiling limits on some important scrips, they have slowed down their operations. The figures released by BSE show that they were net sellers on Wednesday when their purchases and sales were Rs 6 crore and Rs 15 crore respectively. The FIIs were reported to have bought shares of Gesco, Larsen and BSES. The total turnover on the BSE reported during the day was Rs 573.71 crore. Popular shares like RIL, SBI, Tisco, ITC, Bajaj Auto, Telco, ACC, Colgate, HLL, Larsen, MTNL, Bombay Dyeing, Mahindra, Indian Rayon and Arvind Mills scored impressive gains on bull support.

Reliance Industries took first position in terms of business volume and registered the highest turnover of Rs 196.28 crore, followed by the State Bank of India Rs 157.65 crore, ITC Rs 72.16 crore, Tisco Rs 57.54 crore and L &T Rs 8.16 crore. - Agencies