Volumes remained low yesterday as stock prices firmed up on sporadic buying. Prices of key pivotals moved up till the end of the trading session. Brokers said that operators have taken up long positions which are likely to ease today due to the last day of trading settlement on the National Stock Exchange (NSE).
At the end of yesterday's trading net outstanding position firmed up from Rs 1,100 crore to Rs 1,192 crore.
The 30-share Bombay Stock Exchange (BSE) closed higher by more than one per cent at 4158.67 points, up 46.90 points. The S&P CNX Nifty index closed at 1192.20 points, gaining 15.20 points over its previous close of 1177 points.
Intra-day movement
The BSE Sensex opened higher at 4140.24, touched the day's high of 4183.16 and later dipped to the day's low of 4136.22. Trading volumes at both the exchanges remained moderate with the NSE witnessing below average turnover of Rs 1,589.30 crore with over 6.69 crore shares changing hands.
The micro-market indicators indicate that there was a positive trend in stock prices. On the BSE, 826 securities were traded. 503 advanced, 263 declined while 60 remained unchanged. At the NSE, 549 stocks moved up, 394 declined while 76 remained unchanged.
Broad market movement
The broad market, too, has moved in tandem with front-line stocks. The CNX Nifty Junior gained 27.55 points to end the day at 1950.30 points over its previous close of 1922.75 points. The 100-BSE share index gained in value at the end of the trading session.
Market outlook
Leading market players were of the view that the stock prices have moved up due to speculative purchases by operators and selective buying by foreign institutional investors.
According to market sources, delivery-based buying is unlikely to take place unless there is some easing of tension between India and Pakistan. Fund managers believe that the market has not taken into account the escalation of the Kargil problem. If it intensifies, they say, stock prices will certainly crash.
Spotlight
Foreign funds are reported to have bought State Bank of India, NIIT, and Infosys Technologies. Among the major gainers were IDBI. It hit the upper end of the circuit filter. The stock closed at Rs 34.10 against the previous close of Rs 31.55. Oriental Bank of Commerce witnessed speculative buying as the stock closed at Rs 35.70 against the previous close of Rs 33.55.
The NIIT stock witnessed hectic FII buying as the stock closed at Rs 2,062.20 against the previous close of Rs 1
