Sensex recovers, gains
76 points
After yesterday's crash of 120 points,
the Sensex recovered by 76 points and forwarded to 3479.89 points on
the Bombay Stock Exchange on Tuesday following rumours that
the Congress is ready to compromise with the United Front government and short
covering by speculators.
The weakening of the Indian rupee against the US dollar demoralised the
sentiment of foreign institutional investors to invest in the Indian
capital market. They sold sizeable amount of blue chips, leading
brokers said.
On the contrary domestic institutions -- Unit Trust of India --
remained absent from the market after couple of week's support to
the market.
Bear operators have also purchased considerable amount of
non-specified shares.
Mirroring the uptrend, the BSE Sensitive Index (30 scrips) opened slightly
lower at 3400.75 points. Due to selling pressure from FIIs it
dropped below 3400 mark, but later buying support helped the Sensex recover to
3490.40 points before closing at 3479.89 points, showing a net gain
of 76.12 points as against its previous close of 3404.07 points.
The broadbased BSE National Index (100 scrips) crossed
the psychological barrier of 1500 mark and closed at 1508.61 points
over the last trading day's close of 1478.02 points, gaining
30.59 points.
The BSE-200 and Dollex Indices also improved by 05.88 and 02.70
points to 340.62 and 147.87 points as compared to
Monday's close of 334.74 and 145.17 points respectively.
Stock prices at the Tokyo market plunged on Tuesday amid worries over
the failure of Japan's fourth-largest brokerage house on Monday,
overseas trader said.
President K R Narayanan's assurance to the Bharatiya Janata Party
that before taking a final decision on the present
political situation, he will ''consult'' them also helped to
improve the sentiment of the market.
The spilt in the All-India Anna Dravida Munnetra Kazhagam today also kept the FIIs away from the market, brokers added.
The total turnover on the screen-based trading system was
Rs 11.1 billion involving 40.9 million shares. Out of 6,752
scrips, a total number of 1,478 scrips were traded.
The business volume was led by ITC with Rs 5.3 billion,
followed by SBI Rs 2 billion, RIL Rs 1.2 billion, Castrol
Rs 484.6 million, Tata Tea Rs 430.4 million, TISCO Rs 259.3 million,
TELCO Rs 186.8 million, Hind Lever Rs 154.6 million, MTNL Rs 124.1 million,
ACC Rs 117.9 million, BHEL Rs 69.4 million, Bajaj Auto Rs 64.7 million,
Hindalco Rs 49.2 million, Bharat Petro Rs 38.4 and Dr Reddy
Rs 34.8 million in specified counters.
Good transactions were observed at Satyam Comp (Rs 32.2 million),
Zee Telefilm (Rs 31.8 million), Bank of Baroda (Rs 30.3 million),
Foseco India (Rs 24.6 million), Infosys Tech (Rs 13.6 million), Videsh
Sanch (Rs 13 million) at the non-specified counters.
UNI
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