Pivotals Gain Marginally On Buying Support

The stock markets stabilised to some extent on the National Stock Exchange during yesterdays trading. The pivotals closed marginally higher than their previous close with the NSE-50 index at the same level as that of the previous close of 1159.80. The index opened at 1151.95, touched a high of 1161.70, touched a low of 1145.35 before closing at 1159.80.

The Midcap index closed at 1192.05 ( 1187.50, a gain of 4.55 points. The total traded turnover at the exchange touched Rs 2,105.31 crore with nearly 7.34 crore shares changing hands. Market sources, said the Reliance scrip improved the sentiment, with the company board proposing a bonus issue.

 

The market revived on the news of bonus issue by RIL. The market has predicted a bonus issue in the ratio of 5:3, which has cheered the market sentiment, said a Mumbai-based equity analyst. The RIL scrip closed at Rs 341.90 as ( Rs 323.75, a gain of 5.6 per cent. The total traded turnover touched Rs 689.28 crore. Market sources said the fresh fund allocation for the next quarter is expected to be 12 to 15 per cent more than the previous years allocation. This quarter will see fresh funds coming in because the some of the other developing markets have performed badly, said a dealer with a foreign brokerage.

FIIs have been targeting counters such as GE Shipping, BoB Ponds among others. GE Shipping closed at Rs 43.10 ( Rs 40.90. The other top gainers include Reliance Petroleum, which closed at Rs 17.10 (Rs 16.55), Ashok Leyland at Rs 72.20 (Rs 69.90) and Ponds at Rs 1871.80 ( Rs 1831.25).

The SBI notched up a total turnover of Rs 499.81, and the scrip closed at Rs 340.80 (Rs 341.65). The ITC counter gained some ground closing at Rs 507.65 (Rs 501.95) and the total traded turnover touched Rs 320.82.