Uptrend Continues On Buying Support

Equities continued the upward trend yesterday on the National Stock Exchange (NSE), with Nifty closing the day at 1071.05, a gain of 11.25 points as against the previous close of 1059.80. The total turnover on the exchange went up to Rs 1407.36 with nearly 5.71 crore shares changing hands.

The rally was lead by Reliance, which witnessed a trading turnover of Rs 421.71 crore. As reported earlier RIL has entered the no-delivery period yesterday. The scrip closed at Rs 306.60, as against a previous close of Rs 302.85.

The index opened at 1065.95 touched a high of 1078.05, went to a low of 1063.85 before closing at 1071.05. The MidCap index closed at 1094.50, gaining 6.70 points. Hectic activity was witnessed at the Tisco counter and the scrip closed at Rs 185.45, a gain of nearly Rs 10 as against the previous close of Rs 175.60. Reliance opened at Rs 310 and closed at Rs 306.60, a gain of nearly Rs 3.

Hectic activity was witnessed at the Nestle counter. The scrip gained nearly Rs 16 to close at Rs 249.75, as against the previous close of Rs 233.75. This was a change of nearly 6.84 per cent from its previous close. There were a couple of negotiated deals during yesterday's trade. Some one lakh shares of HPCL was routed through a negotiated deal at Rs 409. In another deal, around 25,000 shares of GAIL was routed through a negotiated deal at Rs 128.

The exchange has decided to conduct the auction for the previous settlement today. The top five gainer were, Nestle (6.84), Tisco (5.61), M&M (4.25), ACC (3.52), and Dr Reddy's Lab (3.34).

Sources said the market will go up in the days to come. If the TMC decides to join the government, then we might witness a sharp rise in the index, said a dealer.