Ril Surprise Provides The Boost As Pivotals Improve

Following the RIL results, fresh buying activity was witnessed at select counters. The NSE 50 Index which opened at 892.61, touched a low of 888.61 before moving to a high of 899.51. It finally closed at 895, gaining 2.93 points over the previous close of 892.01. The net traded value of shares was Rs 1,182.70 crore with 611.06 lakh shares traded and the number of trades at 97,747.

The Reliance stock which opened at Rs 194 levels, gained sharply on the announcement of the results to touch Rs 197-198 levels by 2 pm, with the number of trades struck rising to 57,24,150 against 21,54,350 at 1 pm. The stock price, however, dipped marginally to Rs 194.80 levels by the close, when marketmen came to know the finer details of the results.

 

Factors like the company not making a provision for MAT at this stage and the slide in the other income levels, both affected the trading sentiment. Reliance, however, during the day continued to witness hectic activity, with a traded turnover of Rs 312.91 crore.

Marketmen expect certain amount of speculative trading to prop up the Reliance stock over the next trading session, prior to the closing of the settlement cycle on the NSE on Tuesday next. Reliance contributed to the increased trading activity on the markets. Hectic activity was witnessed in other stocks like SBI, ACC, ITC, Tisco, Larsen & Toubro, Telco and MTNL.

SBI was the most widely traded stock with a traded turnover of Rs 540.88 crore. The stock, which had opened at Rs 209.20 moved up sharply to Rs 216 levels on account of fresh buying interest by local operators and closed at a relatively strong level of Rs 215.75, against a previous close of Rs 208.65.