Pivotals Recover

There was moderate activity on the Calcutta stock exchange yesterday following announcement of the favourable monetary policy by the Reserve Bank of India.

A leading brokers said, Indications that the interest rate will come down together with RBI guidelines permitting banks to invest in secondary market has buoyed up sentiment. Operators and speculators enhanced their commitments for the first time after a long gap. After closing at 422.13, the 51-scrip CSE Index gained 14.52 points to close at 436.65.

Buying orders from the BSE brokers to meet commitments mainly in the Tisco counter also helped sentiment.

Since Tisco was freezed in the NSE, operators had no option but to buy from the local bourse as prices were lower in Calcutta than Bombay. Tisco opened at Rs 185 and moved up to close at Rs 192.