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Journalism of Courage
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This is an archive article published on December 17, 1997
Pivotals rally further
MUMBAI, Dec 16: Industrials recovered further on the Bombay Stock Exchange today on speculative support coupled with continued support exte...
MUMBAI, Dec 16: Industrials recovered further on the Bombay Stock Exchange today on speculative support coupled with continued support extended by the domestic financial institutions. The upward trend was also due to short covering in view of end-account considerations on the National Stock Exchange.
The closing rates showed widespread small to modest gains. The volume of business remained normal. The closing undertone appeared better. The BSE sensitive index crossed the psychological barrier of 3400-mark during the intra-day trading and touched the high at 3444.92 before finishing at 3424.87 with a net gain of 57.31 points compared to the previous of 3367.56.
The BSE-100 index finished at 1489.85 with a net gain of 23.94 points compared to the previous of 1465.91. The total turnover amounted to Rs 807.84 crore. Tata Tea registered highest turnover of Rs 168.47 crore followed by ITC Rs 152.79 crore, SBI Rs 115.63 crore, Reliance Rs 91.83 crore and Castrol Rs 58.94 crore.
On the NSE, share prices rose further sharply on the last day of the current settlement following heavy all-round speculative buying. The NSE-50 index opened better at 980 and rose further to cross the 1000-mark and touched 1007.75. Later, it ended at 1002.35, showing a smart gain of 22.50.
The dollar NSE-50 defty index, however resumed weak at 857.80 but recovered to close at 881.70, disclosing a good gain of 23.85. The Midcap after a better start at 1103.85 and closed at 1113.90, displaying a rise of 10.30. The market witnessed a turnover worth Rs 1,416.58 crore.
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