Shares Recover On Institutional Buying, Short Covering

Share prices recovered moderately on the Bombay Stock Exchange (BSE) on buying support from foreign and domestic institutional investors coupled by short covering. As yesterday was the last day of settlement at the National Stock Exchange, bears were covering their short positions.

Reflecting the trend, the Sensex opened at 3250.51, touched the days high of 3273.43, declined to an intra-day low of 3222.19 and closed at 3264.12. The closing index gained 11.81 points over the previous close. The broad-based National Index closed at 1444.10, showing a net gain of 4.62 points over the previous close. The BSE-200 and Dollex indices also closed higher by 0.59 and 0.19 points to 322.32 and 149.44 points against the previous close of 321.73 and 149.25 respectively.

 

Market sources said the FIIs made purchases at select counters and pressed sales at the Telco counter. A leading domestic institution made good amount of purchases at the Tisco counter. The total turnover on the BOLT moved up sharply, surpassing the 500 mark to Rs 581.20. Tisco stood first by recording the highest of Rs 137.93 crore. The market leader SBI was at the second place with the turnover of Rs 124.79 crore, followed by Reliance Rs 85.21crore, ITC Rs 53.85 crore and Telco Rs 42.71 crore.

Hectic activity was witnessed at the other counters led by Bajaj Auto (Rs 12.95 cr), MTNL (Rs 16.36 cr), L&T (Rs 11.86 cr), BSES Ltd (Rs 8.45 cr), ACC (Rs 8.40 cr), IPCL (Rs 5.20 cr), BHEL (Rs 4.06 cr), Arvind Mills (Rs 2.46 cr) and Tata Power (Rs 1.87 cr).

The issues that gained included ACC by Rs 1.25 to Rs 1288, Arvind Mills moved up by Rs 2.25 to Rs 134.75, Bajaj Auto increased by Rs 8 to Rs 906.75, Century rose up by Rs 169 to Rs 2299. Grasim gained by Rs 10 to Rs 425, Hindalco, Mahindra, Reliance, SBI and Tata Steel went up by Rs 7.75, 6, 3, 6 and Rs 8.25 respectively.