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This is an archive article published on September 4, 1998

Sensex rise continues

MUMBAI, SEPT 3: Pivotals recovered further on the Bombay Stock Exchange (BSE) today mainly on limited purchases made by financial institu...

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MUMBAI, SEPT 3: Pivotals recovered further on the Bombay Stock Exchange (BSE) today mainly on limited purchases made by financial institutions. Sensex moved up further by 32 points. The closing rates showed further small to modest gains. The volume of business remained moderate. The closing undertone appeared better.

The BSE Sensitive Index started steady at 2885.30 and surpassing the psychological barrier of 2900 mark and touched the day’s high of 2921.34 before finishing at 2918.89, with a net gain of 31.98 points against the previous close of 2886.91. The BSE-100 Index also moved up by 11.59 points to 1302.35 from the previous level of 1290.76.

Brokers said the sentiment turned for better following fresh support extended by financial institutions. The market remained unaffected by the fresh fall in the Asian markets and political crisis in Malaysia.

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Asian markets were lower in early trading as investors dumped regional stocks amid political and economic uncertainty in Malaysia.

The support from theforeign funds was restricted to ITC, BSES and TELCO while domestic institutions and funds purchased shares of ITC, Asian Paints, HPCL, BPCL, MTNL, BHEL, Mahindra and SBI thereby pushing up the index. However, the movement in prices was narrow.

The total turnover was Rs 988.66 crore. ITC gained by Rs 16.50 to Rs 637, Reliance by Rs 2.10 to Rs 107.10 and Zee Telefilms by Rs 12 to Rs 567.75. Satyam eased by Rs 1.50 to Rs 462 and Pentafour by 0.25 to Rs 594.75.

On the National Stock Exchange (NSE), share prices firmed up further following moderate buying support from institutional investors today. The NSE opened on a positive note, declined towards the mid-session before closing higher than its previous close. The S&P CNX Nifty Index opened at 842.30 touched the day’s high of 852.05, fell to touch day’s low of 838.75 and ended at 846.45, showing a gain of 3.95 points against the previous close of 842.50. The total traded volume also surpassed the 1100 crore mark and stood at Rs 1190.63 crore.

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