Sensex up 61 points at 4,325
Mumbai: Institutional cum speculative buying in the last hour of trading helped the markets to recover after a continuous fall over the last five days and helped the sensex to close with a gain of 61 points on Wednesday. Sentiments improved substantially in later part of the trading on the back of Nasdaq closing higher on Tuesday. The markets otherwise remained extremely volatile, especially the software stocks.

The benchmark index had fallen over 600 points from the last week's peak of 4,790 (touched on September 12) amidst growing concern over rising oil pool deficit and negative FII activity coupled with downslide on Nasdaq. On Tuesday, the FIIs were net sellers to the extent of Rs 484 crore on a gross turnover of Rs 1,086 crore.

HFCL was the top-traded counter but showing wild fluctuations. It opened strong in the morning, but failed to sustain the move and hit the 8 per cent lower circuit in mid-session. From there, it showed a smart recovery, and by the end of the day, it gained 8 per cent, a recovery of more than 16 per cent from the low.

Other stocks like Global Telesystems, Satyam Computers and Sterlite also remained volatile. Zee Telefilms also gained more than 7 per cent. At the same time the sentiments towards the non-software stocks remained firm. Reliance, ITC, MTNL, Tisco, Reliance Petroleum, ACC, ICICI, SBI and L&T showed a positive close. The Sensex opened at 4,325.78 points, touched an intra day high of 4,339.37, fell to its intra day low of 4,211.87 before closing at 4,325.55 points.

Similarly, the S&P CNX Nifty gained 29 points while closing at 1,346 points. Intra day high was 1,351.10 and intra day low 1,311.10.

The advance-decline ratio remained positive at 735:538, with 153 stocks remained unchanged.

The trading volume remained reasonably high on both exchanges. It stood at Rs 5,211 crore on the BSE and at Rs 7,687 crore on the NSE. In the ALBM session held on Wednesday, the actively-traded 15 counters clocked a turnover of Rs 1,325 crore with the average yield for financiers working out to 14 per cent. Himachal Futuristic was the most active share with a turnover of Rs 1,057.98 crore. Other top-traded scrips were Zee Telefilms (Rs 655.98 crore), Global Tele (Rs 594.34 crore), Satyam Computer (Rs 487.46 crore) and Sterlite (Rs 322.44 crore).
Back to News Review index page