Recovery Trend

Heavy weighted stocks staged a notable recovery on the first trading session of the new fiscal year on the Delhi Stock Exchange (DSE) yesterday to close with widespread gains as speculators and investors made sizeable purchases at select countries.

Stockbrokers said short-covering by bear operators and fresh buying by foreign investors also aided the recovery trend. They said the cut in petroleum product prices was also welcomed by the investors. The DSE sensitive index recovered by 16.27 points to close at 860.45 points.

Software, cements, banking, multi-nationals and public sector stocks were in demand and closed higher. ACC rose at Rs 1,500.15 against previous close of Rs 1,465 while L&T ended Rs 5.95 higher at Rs 248.60. Multi-national company stocks led by ITC, traded heavily on sizeable short-covering by bear operators amidst frenzied purchases by speculators and some overseas investors. It shot up to Rs 756.50 and closed at Rs 756.75, a Rs 43 rally. HLL recovered by Rs 15 to close at Rs 1,610, Nestle India shares rose Rs 6.55 to close at Rs 450.50 while Colgate Palmolive India gained Rs 5.95 at Rs 290.45.