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Sensex recovers 50 points to 3,375; market awaits poll decision with bated breath

The Bombay Stock Exchange opened on a buoyant note today after a three-day recess. The 30-share benchmark index, the Sensex, opened with a 100-point gain over the previous close on speculative activity. By noon, however, it was hovering around the 3,370-3,375 level, up 50 points from Thursday's close.

Leading dealers said the market was waiting for the announcement of the Lok Sabha poll date by Chief Election Commission Manohar Singh Gill. The CEC has convened an all-party meeting in New Delhi today to decide the issue.

Dealers said no buying activity from the foreign institutional institutions was witnessed. While commodity stocks were in demand, the pharma and FMCG equities seemed steady in the morning session.

Among the gainers, Zee Telefilms was looking strong, having posted impressive financial results for the year just ended. Digital Equipment, Tata Infotech and Wipro hit the upper limits of their circuit-breakers.

Dealers said software stocks are set to stage a recovery this week, following speculation that some high-level changes in the managements of top companies are in the offing.

UNI

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