Equities Recover Initial Losses, Post Moderate Gains

The BSE Sensitive index dropped to the intra-day low of 3926.36 around mid-session due to panic selling by traders, who generally buy and sell in forward market, dealers said adding the panic situation was created by Wednesdays heavy bull unloading after the announcement of the credit policy.

The Sensex later recouped lost ground and closed at 4006.81 against Wednesdays close of 3970.28, netting a rise of 36.53 points. The BSE-100 index rose by 17.40 points to 1760.96 from previous close of 1743.56.

Bull operators were seen covering part of their sales on the last day of the current settlement with a holiday today on account of Maharashtra Day, on expectations of lower badla charges.

 

While foreign institutional investors (FIIs) made good purchases in ITC and some other shares, domestic institutions bought shares of L&T, Corporation Bank, Tata Tea and Tisco.

Marketmen termed the credit policy as very good, saying it will facilitate growth of the industry.

Software shares once again scored impressive gains as operators had focussed their attention on these scrips.

The market is expected to open better on the first day of the next settlement.

The BSE-200 and the Dollex were quoted moderately up at 398.30 and 166.91 compared with previous close of 394.33 and 165.16 respectively.

ITC attracted the highest turnover of Rs 255.79 crore followed by Reliance Industries (Rs 120.91 crore), Tata Tea (Rs 55.94 crore), SBI-new (Rs 55.50 crore) and Satyam Computer (Rs 41.01 crore).

The market leader ITC spurted by 25.75 to Rs 788.25. Reliance Industries was up by 1.60 to Rs 191.30, SBI-new by 2.80 to Rs 288, Telco by 4 to Rs 277.80, Tata Tea by 2.25 to Rs 409.75 and Satyam Computer by 12 to Rs 462.25.

Meanwhile, share prices ended on a stronger note after fluctuating in a narrow range for most part of the trading session at the National Stock Exchange (NSE). About 568 securities advanced, 418 declined and 71 remained unchanged.

Activity was poor due to squaring up positions at the BSE. The market will remain closed today for Maharashtra Day holiday.

The NSE-50 opened at 1151.40, dropped to a low of 1137.80 but recovered to touch a high of 1161.00 and closed

at 1159.35, showing a moderate increase of 8.25 points over the previous close of 1151.10.

The Dollar NSE-50 (Defty) opened at 1003.90, moved within a range of 1012.75 and 992.10 and closed at 1011.30, showing a gain of 7.60 points from the previous close of 1003.70.

The Midcap opened at 1553.35, fluctuated between 1592.25 and 1522.80 and closed at 1588.90, showing a rise of 35.60 points from the previous close of 1553.60.

About 97 securities had hit their price bands yesterday, the National Stock Exchange said. The total turnover was Rs 1,364.03 crore from 538.44 lakh shares and in 1,78,995 trades. Debentures traded value was Rs 7.97 lakh.

The five top most traded securities were ITC with a turnover of Rs 418.73 crore, Reliance (Rs 137.02 crore), SBI-new (Rs 88.69 crore), Satyam Computers (Rs 66.99 crore) and Tata Tea (Rs 64.37 crore).

The other top traded securities were Pentafour Software (Rs 47.04 cr), Castrol (Rs 46.64 cr), ACC (Rs 36.38 cr), BPL (Rs 23.23 cr), Tata Steel (Rs 23.08 cr), Zee Tele (Rs 19.98 cr), Sterlite (Rs 19.80 cr), ICICI (Rs 19.72 cr), Infosys Technologies (Rs 19.38 cr), BFL Software (Rs 17.88 cr), Wart Deisel (Rs 15.25 cr), LML (Rs 14.88 cr), Telco (Rs 11.35 cr), Hindustan Petro leum (Rs 10.40 cr), Hindustan Lever (Rs 10.37 cr), Tata Chemicals (Rs 9.37 cr), Digital Equip (Rs 8.87 cr), NIIT (Rs 8.09 cr), MTNL (Rs 7.73 cr) and Glaxo (Rs 7.51 cr).

The top five Nifty gainers were Tata Chem Rs 174.85 (Rs 166.10), IPCL Rs 74.25 (Rs 71.65), ITC Rs 791.00 (Rs 763.95), ABB Rs 596.45 (Rs 576.80) and TVS Suzuki Rs 566.90 (Rs 552.95).

The top five Nifty losers were Hind Petro Rs 404.00 (Rs 413.90), Orient Bank Rs 64.10 (Rs 65.05), IDBI Rs 102.70 (Rs 103.85), BSES Rs 184.40 (Rs 186.45) and MRPL Rs 19.45 (Rs 19.65).