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Journalism of Courage
MUMBAI, MARCH 5: Bulls are once again back in business. After the downtrend in the previous session, share prices recovered on the Bombay Stock Exchange (BSE) today in restricted activity. Sensex gained another 47 points on fresh purchases by bulls as well as foreign funds and domestic financial institutions.
As it was the last day of the current account, the market initially witnessed a small resistance as operators were squaring up their business. Pivotals bounced back from the mid-session onwards when institutions extended fresh support prompting bulls to further enlarge their positions.
Sensex (BSE sensitive index) started better at 3622.02 and moved between 3578.09 and 3681.14 before closing at 3649.06 with a modest gain of 47.10 points against yesterday’s close of 3601.96. The BSE-100 index rose by 14.48 points to 1596.11 from previous close of 1581.63.
Brokers said FIIs reportedly bought shares of Satyam Computer, Larsen, ITC, SBI, Castrol, Grasim, Dr Reddy’s, E Merck, Glaxo, Burrough Welcome,Pfizer, Rhone Poulenc and some others. FIs also made good purchases in Reliance, Pentafour Software, Zee Telefilms, Hindalco, Asian Paints and bank shares. Infotech, pharma and FMCG stocks were the major gainers and witnessed good buying support. Bank shares which responded favourably to the RBI’s measures continued to be major gainers.
The total volume of business was much higher at Rs 2106.76 crore against yesterday’s turnover of Rs 1704.16 crore. ITC remained the most active scrips with a turnover of Rs 297.71 crore and the scrip shot up by Rs 10.50 to Rs 960. Pentafour gained by Rs 5.25 to Rs 981.50, Satyam Computer by Rs 83.75 to Rs 1155.25 and SBI by Rs 14.20 to Rs 192.90 on buying support.
