Values improve again

MUMBAI, June 10: Pivotals recovered slightly on the Bombay Stock Exchange BSE mainly due to short-covering in the last session for curren...

MUMBAI, June 10: Pivotals recovered slightly on the Bombay Stock Exchange BSE mainly due to short-covering in the last session for current settlement on the National Stock Exchange NSE. After a steady spell, share prices improved as the session progressed on buying support by FIIs to finish around the day8217;s best level. The volume of business improved.The BSE sensitive index recovered from the opening level of 3835.57 to 3866.17 before finishing at 3860.97 with a modest gain of 25.62 points compared the previous level of 3835.35. The BSE-100 index gained 10.28 points to 1655.04 from the previous level of 1644.76.

Brokers said activity improved with large scale buying by FIIs in Glaxo, BHEL, Cochin Refineries and HPCL, which showed wide fluctuations and closed around the day8217;s best levels. Elsewhere, shares moved in a narrow range on alternate bouts of buying and selling in the absence of market moving factors. Shares of finance companies were affected by the adverse impact of CRB fiasco. Majority of the B2-group shares declined.

Reliance again attracted speculative support. Indian Hotels, EI Hotels, ACC, Bajaj Auto, Hindustan Lever, ITC and Telco recovered on short-covering. The total turnover amounted to Rs 655.43 crore. Reliance remained in the forefront with a turnover of Rs 189.09 crore, followed by SBI 311.18 crore, ITC Rs 62.02 crore, Tisco Rs 34.24 crore and Telco Rs 25.91 crore.

Reliance firmed up by Rs 5 to Rs 315.25 on speculative buying. ACC recovered by Rs 32 at Rs 1092, Bajaj Auto Rs 7.25 at Rs 868.75 and Indian Hotels Rs 44.75 at Rs 646 on buying support, SBI, ITC and Tata Steel closed with minor gains. Mahindra and Mahindra gained Rs 13.25 to Rs 357 on speculative support. In cash, Infosys Tech shot up by Rs 134.50 to Rs 1775, Ponds by Rs 18.50 to Rs 1421.25 and Tata Infosys by Rs 91.00 to Rs 1002 on investment buying.

On the National Stock Exchange NSE, share prices improved amidst squaring up on the last day of the current settlement. The NSE-50 index started better at 1075.30 and rose further to 1084.15 and later closed at 1081.10, showing a gain of 6.45. The Midcap index closed at 1135.55, revealing a gain of 2.25. The total turnover was Rs 1,378.87 crore.