Pivotals Move Up Marginally After Early Selling Pressure

A mixed trend was noticed on the Bombay Stock Exchange (BSE) trading yesterday with the Sensex moving up further after declining initially. The Sensex gained 9.22 points over the last close.

According to BSE brokers the market saw heavy selling pressure initially in select counters from FIIs and short sellers, resulting in stock prices declining. It recovered later mainly on short covering, due to the last day of the trading settlement.

Mirroring the trend, the BSE sensitive index opened at 3,367.77, touched the days low of 3,338.09, before moving up again to touch days high of 3,374.04. It moved down again to close at 3,366.70, up 9.22 points over the previous days close of 3,357.48. The broadbased BSE-100 index was up by 0.90 points at 1,448.88.According to market sources, FIIs were sellers in stocks like ITC, Telco, Bajaj Auto, Indian Hotel and East India Hotel and buyers in Castrol. Hindustan Lever and SmithKline Beecham. The market may remain volatile from next week as the election dates are drawing near, said a broker.

 

The Castrol stock declined by Rs 15 at Rs 670. BSE sources said though the company announced excellent results the scrip declined due to profit-taking as the market was anticipating good results. Indian Hotels fell Rs 27 to Rs 489, ABB was Rs 367, down by Rs 6. The total turnover for the day was Rs 886.76 crore. ITC topped the turnover list registering the highest business volume of Rs 290.24 crore, followed by Tata Tea 108.30 crore, Castrol Rs 93.98 crore, SBI Rs 75.88 crore and Bajaj Auto Rs 44.17 crore.

Hectic activity was observed at counters like RIL Rs 34.73 crore, Telco Rs 24.38 crore, MTNL Rs 20.64 crore, BHEL Rs 6.77 crore, Tisco Rs 6.40 crore, ACC Rs 6.25 crore, L&T Rs 4.63 crore, Raymonds Rs 4.50 crore and Glaxo Rs 4.15 cr. Our Financial Bureau