Sensex recovers further

MUMBAI, December 17: Speculatives rallied further on the BSE today on fresh buying support and absence of selling pressure by FIIs. The sen...

MUMBAI, December 17: Speculatives rallied further on the BSE today on fresh buying support and absence of selling pressure by FIIs. The sensex recovered another 62 points. The session started better and pivotals led by ITC and Castrol attracted fresh support to finish around the day’s best level.

The BSE sensitive index started better at 3458.27, touched the day’s high of 3499.26 before closing at 3487.02 with a net gain of 62.15 points compared to the previous level of 3424.87. With this gain, the sensex has recovered by nearly 158 points in just three sessions.

The BSE-100 index also gained 24.84 points to 1514.69 against the previous level of 1489.85.Brokers said apart from fresh buying, the sentiment was also boosted by the start of new account on the NSE. However, with Christmas and New Year holidays approaching, FIIs kept themselves away from the market.

But domestic institutions made fresh buying in blue chip stocks. Bear operators were taken by surprise and were forced to cover their outstanding positions.

On the NSE, share prices rose further on the first day of the current settlement on increased speculative buying. The NSE-50 index opened weak but recovered to 1017.60 and later, settled at 1013.15, showing a gain of 10.80 over the last close of 1002.35. Dollar NSE-50 (defty) index resumed better at 881.85 and ended at 890.95.

The Midcap index also commenced firm at 1114.25 and after touching a high of 1140.15, finished at 1138.00, making a smart gain of 24.10 as against the previous close. The market displayed a total turnover of Rs 1,234.06 crore.