Values Drop

Late recovery in most of the blue chip company stocks reversed an early downward trend on the Delhi Stock Exchange (DSE) yesterday following revival of buying by domestic and foreign institutional investors (FIIs) followed by huge short-covering and ended higher.

However, due to drop in Tata Loco, Tata Steels and SBI shares value, the benchmark index shed some grounds. According to stock brokers RIL and ITC counters continued to remain in the limelight for the second session in a row largely on foreign funds and speculators buying apart from short covering.

They said expectations that the RIL might come out with encouraging half yearly working results later this month also fuelled speculative buying at this counter. The DSE sensitive index dropped marginally by 1.14 points at 819.92 points.

RIL shares firmed up by Rs 2.30 at Rs 363 on emergence of brisk buying at lower levels by speculators and overseas investors. ITC was another counter which showed two-way wild movements during the session on alternate buying and selling and finally ended Rs 4.65 higher at Rs 590 after dropping to Rs 577.70 in early trading. The market will remain closed today on account Gandhi Jayanti.