Buying Support From Local Operators Push Pivotals Up

Pivotals firmed up over their previous levels on buying support from local operators with most of the activity centered around ITC and SBI.

The Sensex ended the day at 3778.31, a gain of 18.67 points over the previous close of 3759.64. It opened at 3768.97. touched an intra-day high of 3806.15, fell to a low of 3768.92 before edging up to 37789.31 at close.

ITC shares were well sought on expectations of higher net profit and increased sales income in its working results, scheduled to be announced today.

However, speculative activity was restricted to bargain hunting in selective shares after a number of corporates showed poor performance in working results. Market expectations of excellent corporate results from ITC saw the scrip gaining Rs 16.50 over the previous close to end the day at Rs 448.50. Other key pivotals too firmed up over their previous levels on the BSE with SBI moving up to Rs 311(+Rs 7), Reliance to Rs 297.25(+Rs 3) and Tisco to Rs 179.50(+Rs 3).

 

Bajaj Auto lost ground despite its bonus issue to end the day at Rs 866, down by Rs 4.75 over the previous close of Rs 870.75. In the A group, Lakme and United Phosphrous hit the upper end of the filter circuit at Rs 397 (+Rs 36) and Rs 237.50( +Rs 21.50) respectively and figured among the prominent gainers. The notable losers in the same group included Dr Reddy's at Rs 209.25(-Rs 20.75) and Ranbaxy at Rs 581 (-Rs 19.50).

Marketmen said, with most of the action shifting to the pivotals, trading in B1 scrips was lacklustre. Balrampur Chini continued to capitalise on its good results with the scrip moving up by Rs 4 over the previous close to end the day at Rs 112. Other gainers included Cipla at Rs 719.75 (+Rs 20.75) and Bank of Rajasthan at Rs 111.75 (+Rs 8) while the losers were Wartzila Diesel at Rs 368(-Rs 11.75) and Pentafour Software at Rs 130.45(-Rs 8.55).