Pivotals Move Up On Foreign Institutional Buying

Stock market indices moved up due to buying by foreign institutional investors and speculative purchases by punters in key stocks like ITC, Hindustan Lever and Tata Tea.

The 30-share BSE Sensex closed at 3808.18, which is a gain of 53.08 points above the previous close of 3755.10. The Sensex opened at 3758.39, touched an intra-day high of 3810.92 and a low of 3747.14 before closing at 3808.18. The bourse witnessed trading in shares worth Rs 703.96. The A group stocks contributed Rs 672.65 crore and B1 and B2 group stocks witnessed trading in shares worth Rs 25.89 cr and Rs 5.19 cr.

 

Brokers say that the market was in an oversold position as there was undha badla in some key stocks like ITC, Hindustan Lever, Siemens, Gujarat Ambuja and Hero Honda. As a result all these stocks registered handsome gains.

The ITC counter saw trading in 52.06 lakh shares worth Rs 237.49 cr. The stock opened at Rs 446, touched an intra-day high of Rs 480, a 52-week high and a low of Rs 445 and finished the day at Rs 478.50, a net gain of Rs 42.

Says a dealer at a leading institutional brokerage: The market witnessed punters unwinding their oversold position. BSE witnessed undha badla in the ITC counter which resulted in the stock price spurting from the previous level. Speculators also jumped in the fray. FIIs were buyers in stocks like ITC, Hindustan Lever and Sterlite Industries.

Other stocks that touched its 52-week high included Hindustan Lever (Rs 1147), Burroughs Wellcome (Rs 341), Infosys Technologies (Rs 1500). The BSE-200 and Dollex indices moved up by 4.55 points and 2.16 points to 365.95 and 170.28 against the previous close of 361.40 and 168.12 points respectively.