Sensex closes with gain of 1.61%

MUMBAI, MAY 7: The Sensex closed with another gain of 1.61 per cent on the last day of the current settlement at the Bombay Stock Exchang...

MUMBAI, MAY 7: The Sensex closed with another gain of 1.61 per cent on the last day of the current settlement at the Bombay Stock Exchange (BSE) today on persistent buying by Foreign Institutional Investors (FIIS) and hectic short coverings by operators.

Initially, share prices resumed with a wide gap and the Sensex opened above 3700-mark level and spurted up nearly by 125 points on short coverings by operators as they were trapped on the wrong foot by the FIIs on continued buying and shortage of floating stocks.

Brokers said the initial gains were wiped out on account of hectic selling on the heavy weighted counters of Hindustan Lever Limited (HLL) and ITC.

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Shares which fared well in the last few session were mainly effected due to profit selling.

On the other hand, part of the investor funds were diverted to banking sector, particularly in State Bank of India which zoomed up to freeze at Rs 211.80 before winding up at Rs 199.60, still showing a gain of Rs 1.45.

Zee Telefilms was the centre of brisk buying activity when it shot up further to dizzy hieghts of Rs 1527.50 on foreign funds and speculators buying, revealing a net gain of Rs 113.45.

Shares of cement giant ACC attracted investor’s attention and shot up by Rs 105.25 at Rs 1598.25 on hectic buying.

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Other better spots were Glaxo India by Rs 41.40 at Rs 715, Castrol India by Rs 16.50 at Rs 853, Bajaj Auto by Rs 17.05 at Rs 564.05, Bharat Heavy Electricals by Rs 13.75 at Rs 194.65, Hind Lever by Rs 2 at Rs 2034, Larsen and Toubro by Rs 5.60 at Rs 238, MTNL by Rs 6.70 at S.166.50, Nestle by Rs 7.80 at Rs 511.80, Ranbaxy Lab by Rs 8.50 at Rs 681.50, Telco by Rs 8 at Rs 160.30 and Reliance Industries by rupee one.

In the software segment, shares met with profit selling and closed lower. Digital equipment was lower by Rs2.40 at Rs501.60, pentafour software by Rs12 at Rs1118, software solution by Rs8.95 at Rs481.05 and satyam computers by rupee one at Rs1385.

Bpl lost Rs 22 at Rs 370, colgate by Rs 5.35 at Rs 202.05, Itc ltd by Rs 8.30 at Rs 1096.90, tata tea by Rs 4 at Rs 411, hero honda by rupee one at Rs920, tata tea by Rs 4 at Rs 411 and tisco by Rs 1.35 at Rs 98.95 on profit selling.