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Sensex rises as fears of crisis subsides

According to marketmen, the bull operators reportedly sold huge amounts of shares of ACC, ITC, to the leading domestic institutional investor, Unit Trust of India.

The market witnessed buying interest from speculators and institutional investors which changed overall mood of the market despite, weak GDR market and southward trend in the world markets, BSE brokers said.

Reflecting the recovery, the BSE 30-scrip Sensex opened below 3300 mark at 3269.36 points, touched the day's high of 3337.12 points, fell to the day's low of 3207.54 before closing at 3335.76 points, netting a gain of 24.35 points against the previous close of 3311.41 points.

BSE president Parekh assured the BSE members that the stock exchange administration has been fully alert and is taking all possible steps, protective as well as preventive, as are ecessary. "Considering the margins already collected, the pay-in today should go smoothly. As of today no no difficulty is foreseen even as far as the next pay-in is concerned," he declared.

The BSE president also spoke to the members on public address system at 1300 hours when trading was in progress.

Tractor giant Mahindra and Mahindra posted a net profit of Rs 2.51 billion, up by 20.13 per cent against Rs 2.1 billion of the previous year.

With a strong financial results, the M&M scrip on the BSE registered smart gain of Rs 7.80 to Rs 218.50 while it closed higher by Rs 6.90 to Rs 217 on the NSE.

The BSE-100 index increased by 7.03 points to 1464.16 points against the previous close of 1457.13 points.

The BSE-200 index gained by 1.25 points to 332.84 points against the previous close of 331.59 points, while the Dollex index drifted lower by 0.22 points to 130.76 points against the previous close of 130.98 points.

The total turnover came down to Rs 9.8 billion against yesterday's turnover of Rs 10.8 billion.

ITC topped the list of turnover by registering highest turnover of Rs 2.5 billion, followed by Satyam Computer Rs 1.4 million, Reliance Rs 647 million, State Bank Rs 593.1 million, ACC Rs 470.4 million, and Hind Lever Rs 292.3 million.

Hectic activity was observed at the other counters like Tata Tea (Rs 284.9 million), Castrol Ind (Rs 276 million), Zee Telefilm (Rs 234.6 million), Infosys (Rs 228.4 million), Wartsila NSD (Rs 217.3 million), L&T (Rs 212.2 million), NIIT (Rs 130.6 million) and Dig Equip (Rs 117.2 million).

UNI