Pivotals Stage Moderate Recovery On Fresh Buying

Speculatives staged a moderate recovery in wide movements on the Bombay Stock Exchange yesterday following fresh purchases by domestic institutions and speculative buying from Calcutta-based operators. The sentiment was largely influenced by the firm trend in the new account on the National Stock Exchange which was reported to have witnessed heavy speculative activity.

Leading BSE brokers said that besides the speculative buying company circles made heavy purchases in Reliance. While there was no report of major buying by the foreign institutional investors (FIIs). The FIIs were sidelined along with the bull operators who preferred to wait for the announcement of the major economic package for the revival of the capital market. The prime minister, H D Deve Gowda had said last Wednesday that the revival package would be given within a week.

 

Brokers were hopeful of the revival package before Gowda leaves for Davos next week. The operators wait and watch attitude was also attributed to a holiday today on account of birth centenary of Netaji Subhash Chandra Bose. The BSE Sensex continued to show volatile changes, moving in a range of 3464.58 and 3385.28 before settling at 3427.09 as against its Tuesdays close of 3382.74, recording a rise of 44.35 points. The BSE-100 index also firmed up by 16.45 points to 1507.09 from 1490.64. The BSE-200 and the Dollex were quoted up at 335.44 and 155.74 compared with Tuesdays 332.03 and 154.20 respectively.

The total turnover on the BOLT move up sharply to Rs 797.45 crore against Tuesdays turnover of Rs 690.21 crore. Reliance Industries took first position in terms of business volume registering the highest turnover of Rs 250.57 crore, followed by SBI at Rs 178.92 crore, ITC at Rs 127.59 crore, Tisco at Rs 66.98 crore and BSES at Rs 27.98 crore.