Trading Firm, Brokers Optimistic Of Rally

The National Stock Exchange-50 Index, Nifty, yesterday moved up by 7.30 points and closed at 1009.45, as against the previous close of 1002.15. The index opened at 1001.3, touched a high of 1011.85 and stooped to a low of 1001.1 before its closing. The Midcap Index closed at 1075.29 points over the previous close of 1073.74, gaining 1.55 points.

The market looked firm and we hope that the index will witness a smart rally in the days to come. However, there wont be any major upheavals and the market will move in a narrow range before the Budget, a NSE broker said. Market players said the fundamentals of the economy was a worrying factor and the market is currently in a over bought position.

 

The total turnover on the NSE was Rs 1002.14 crore, involving 409.67 lakh shares. Hectic trading was observed at SBI (Rs 338.1 cr), ITC (Rs 276.61 cr), RIL (Rs 141.24 cr), Tisco (Rs 78.95 cr), Telco (Rs 37 cr), L&T (Rs 20.46 cr), ACC (Rs 17.78 cr), MTNL (Rs 9.32 cr), BSES (Rs 7.33 cr), IPCL (Rs 5.33 cr), Guj Ambuja Cement (Rs 4.41 cr), Tata Power (Rs 4.2 cr), Padmini Polymers (Rs 3.34 cr), BPCL (Rs 3.32 cr), OBC (Rs 3.3 cr), M&M (Rs 2.5 cr), TVS Suzuki (Rs 2.43 cr), Bajaj Auto (Rs 2.25 cr), ICICI (Rs 2.1 cr) Hindustan Lever (Rs 1.97 cr), Colgate (Rs 1.97 cr), Dr Reddy (Rs 1.47 cr), Sterlite (Rs 1.33 cr) and HPCL (Rs 1.26 cr)

The major gainers were Mahadev Industries, Nirlon, Vatsa Corp. and Bharat Pipes and Fittings, while the main losers were S M Finance, Aditya Spinners, Gujarat Cypromet, Northland Sugar and Innovative Marine Foods. At OTC share prices decreased on continued selling pressure from financial institutions and common investors. The OTC Composite Index opened at 92.79 points, touched a high of 92.86 points, a low of 92.50 and closed at 92.86. The previous close was at 92.88 points.