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Pivotals recover after early dip; Sensex up 27 points to 3272.71

Pivotals recovered smartly at the Bombay Stock Exchange on short covering by operators and moderate buying support from foreign institutional investors towards the fag end of trading today.

According to marketmen, the FIIs were active buyers at select counters like Tata Tea, Hindustan Lever and Dabur.

The 30-share BSE Sensex opened at 3239.11 points, touched the day's high of 3285.39 points, fell to the day's low of 3183.47 points, before closing at 3272.71 points, showing a net gain of 27.44 points from the previous close of 3245.27 points.

The broad-based BSE-100 index rose by 13.09 points to 1421.89 points from the previous close of 1408.80 points.

Initially, there was not much buying support, but the market took an upward move mainly in the afternoon on account of short covering by operators, a dealer said.

The infotech and pharma counters witnessed a mixed trend while Reckit and Colman reported gains on good buying support from the FIIs, analysts said.

Cement major ACC posted an impressive growth of Rs 434 million in its net profit at Rs 568.4 million during the financial year 1998-99 as against Rs 134.4 million. However, the ACC scrip remained steady at Rs 1,403.25 on the BSE.

Marketmen stated that ACC's profit has been achieved mainly from sale of its assets and, therefore, nothing to write home about.

The BSE-200 and Dollex indices closed higher by 2.59 and 1.39 points to 324.53 and 126.18 points from the previous close of 321.94 and 124.79 points respectively.

Total turnover on the BOLT system reported during the day was Rs 11.50 billion.

Pentafour Software topped the list of turnover by registering the highest turnover at Rs 2.09 billion, followed by Satyam Computers Rs 1.95 billion, ITC Rs 920.8 million, Zee Telefilms Rs 691.1 million, Ranbaxy Rs 457 million.

Other actively traded counters were Reliance (Rs 415.9 million), MTNL (Rs 364.7 million), ACC (Rs 343.5 million), SBI (Rs 237.1 million), Dr Reddy's (Rs 193.8 million), Glaxo (Rs 170.7 million), BPL Limited (Rs 165 million), Hindustan Lever (Rs 154.7 million) and L&T (Rs 151 million).

UNI

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