Values rally on FI support

MUMBAI, Sept 23: After the downtrend in the past sessions, pivotals rallied on the Bombay Stock Exchange BSE today on emergence of buying...

MUMBAI, Sept 23: After the downtrend in the past sessions, pivotals rallied on the Bombay Stock Exchange BSE today on emergence of buying support by financial institutions. The Sensex recovered by 51 points.

After a subdued spell, select scrips led by ITC, Tata Tea and Castrol recovered on fresh support. The BSE sensitive index moved in a range of 3823.29 and 3763.37, before closing at 3822.42 with a net gain of 51.43 points compared to the previous level of 3770.99. The BSE-100 index also improved moderately by 22.74 points to close at 1664.46 from 1641.72.

Brokers said foreign funds which sold recently, made purchases and extended support to other scrips like ABB, Satyam Computer and ITC. UTI and LIC were buying heavy weighted index-based shares such as Tata Steel, SBI and Reliance and others. The recovery was also due to short covering by operators of National Stock Exchange NSE in view of end-account considerations.

With the appreciation of the rupee 8212; which was quoted at Rs 36.29/30 per dollar this evening 8212; marketmen expect renewed support from foreign funds.

The recovery was also due to technical considerations of the market in view of the sharp fall in the last few sessions. ITC remained the most active scrip with a turnover of Rs 247.88 crore of the total volume of business of Rs 880.49 crore. Other active scrips were Reliance Rs 162.31 crore, Tata Tea Rs 99.01 crore, SBI Rs 93.40 crore and Castrol Rs 77.62 crore. ITC recovered by Rs 2.75 to Rs 555, Reliance spurted by Rs 5 to Rs 341.50, Tata Tea by Rs 16 to Rs 417, SBI by Rs 6.75 to Rs 277, Tata Steel by Rs 1.25 to Rs 173.25 and Castrol by Rs 31.75 to Rs 642.25 on buyinmg support.

On the NSE, share prices recovered marginally on the last day of the current settlement on fresh buying. The NSE-50 index closed at 1088.65, showing a small gain of 3.65 points. Similarly, the Midcap index settled at 1231.65, revealing a gain of 5 points. The turnover was Rs 1411.92 crore as against the last level of Rs 1434.32 crore.