Sensex Gains As Reliance Triggers Trading Sentiment

The 30-share Sensex opened at 3108.86, touched an intra-day high of 3130.90 and a low of 3091.37 before closing at 3130.21, a net gain of 18.19 points over the previous close of 3112.02.

The price of the Reliance stock fluctuated in a wide range between 197.50 and 191.50 in brisk trading. According to market sources, the RILs performance during the first half of the current year was

satisfactory.

The company earned a net profit of Rs 651 crore compared to Rs 633 crore in the corresponding period last year. About 50 lakh shares valued at Rs 98.60 crore were traded.

 

The most active scrip was SBI, it recorded a turnover of Rs 129.68 crore. Heavy demand was seen in the scrip and prices spurted by Rs 8.75 to Rs 218.75, following renewed support from bulls and FIs.

With hardly a day left for the announcement of the monetary policy, the leading speculators preferred to keep their commitments at a minimum level. They were squaring up their outstanding positions because of the last day of the settlement period.

The operators were worried about the sudden change in behaviour of the FIs, who turned sellers. FIIs were net sellers on Wednesday. Their purchases and sales for that day were Rs 20 crore and Rs 25 crore respectively.

The market is expected to stabilise around the 3100 level and the future course of the index depends on the busy season credit policy.

A dealer at a leading institutional brokerage summed up the market situation by stating: The market will be driven by the cash flows in the next few weeks.

The ACC stock saw its price plummet. The stock opened on the BSE at Rs 1626, dipped to an intra-day low of Rs 1547.50 before finishing the day at Rs 1555, which is a net loss of Rs 73.75 over the previous days close of Rs 1628.75.