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This is an archive article published on July 15, 1998

Sensex gains 49 points

MUMBAI, July 14: After a subdued spell, pivotals on the Bombay Stock Exchange BSE rallied on emergence of short covering coupled with buyi...

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MUMBAI, July 14: After a subdued spell, pivotals on the Bombay Stock Exchange BSE rallied on emergence of short covering coupled with buying support by the domestic financial institutions. Sensex gained by 49 points. The volume of business remained moderate.

The BSE sensitive index recovered smartly from the inter-day low of 3310.95 to finish at 3371.50 with a net gain of 49.33 points compared to the previous level of 3322.17. The BSE-100 index closed at 1478.61 as compared to 1459.37, gaining 19.24 points.

Brokers said that the sentiment was weak during the earlier part of the session mainly today being the last session for the current settlement on the National Stock Exchange NSE. However, share prices recovered during the mid-session following fresh buying by the domestic financial institutions led by UTI in index based scrips, though foreign institutional investors FIIs kept a low profile by participating small lots in select scrips. Political developments in Delhi especially deferring of theWomen8217;s Reservation Bill had a negligible impact. The total turnover amounted to Rs 919.30 crore. Satyam Computers, for the first time, led the list of five most active scrips, with a turnover of Rs 234.49 crore. On the NSE, pivotals recovered marginally on select buying by FIIs. Few scrips rose smartly on squaring up position on the last day of trading for the current settlement. The NSE-50 opened weak at 964.10 but rose to end at 967.35, showing a rise of 3.00 points and Midcap rose by 7.80 to close at 1429.35. The market witnessed total turnover of Rs 1,229.78 crore.

 

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