Pivotals Rebound A Tad

NSE REPORT

Share prices made slight recovery during yesterdays trading on the National Stock Exchange (NSE). The NSE-50 index opened lower at 1043.40, touched a high of 1049.75, went to a low of 1041.10 before closing at 1048.40, a gain of 3.40 points than the previous close of 1045.

Sources said the market moved in a narrow range and the sentiments remained dull. FIIs made select buying in the pivotals, baring which the trading remained sluggish. The ITC scrip was once again in the limelight topping the list.

Market sources said ITC witnessed a lot of FII buying which was equally supported by the punters. It closed at Rs 438.60 against the previous close of Rs 423.90 with the traded turnover touching Rs 609.39 crore.

 

ITC is a fundamentally strong company and it is likely to show a good profit during the current financial year. Punters have been very active at this counter, but for a change there has been some genuine buying this time, according to a dealer at a leading foreign brokerage.

The total traded turnover touched Rs 1356.02 crore, with 4.95 crore shares changing hands. Apart form the ITC scrip, counters which attracted buying interest were Tata Tea, Reckkit & Coleman, Telco. The market was agog with rumours of a probable takeover of Reckitt & Coleman and Tata Tea by HLL. The prices of these two scrips have been moving since the past one week on possible takeover move. However, there is no confirmation from any source to this effect, said an NSE dealer.

Sources said that spinning companies generated a lot of interest as the cotton prices came down in the local market. This is likely to help the bottom lines of these companies. They said increase in activity in the B1 and B2 counters also goes proves that the retail investors are slowly back in the market.

Among the top five gainers were Tata Tea, which shot up by 6.46 per cent, to close at Rs 293.50 against the previous close of Rs 275.70, Ponds India gainedmarginally by 3.12 per cent, to close at Rs 1374.55 against the previous close of Rs 1333.