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December 22, 1997

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Pivotals staged a smart rally on the Bombay Stock Exchange today on good buying support from foreign institutional investors on the first day of new settlement, pushing the BSE Sensex above the benchmark of 3600 mark.

Reflecting the bullish phase, the BSE Sensitive index opened at 3553.68, immediately crossed the psychological barrier of 3600 and touched the day's high of 3629.42 and ended at 3616.34 points, showing a net gain of 75.43 points over the previous close of 3540.91 points. The BSE-100 index also flared up by 32.06 points to 1568.20 as against previous close of 1536.14 points.

The BSE-200 and dollex indices closed higher by 6.86 and 3.13 points to 349.15 and 148.40 points over the previous close of 342.29 and 145.27 points respectively.

According to market circles, the FIIs made considerable purchases at the fundamentally strong counters like MTNL, L&T, Bajaj Auto and some others. The local institutional investors Unit Trust of India which had supported the market during last fortnight in the absence of FIIs, was the major seller among other domestic institutional investors.

The total turnover on the BSE reported during the day was Rs 831.66.

Tobacco giant ITC topped the list of turnover by registering highest business volume of Rs 2.9 billion, followed by Tata Tea Rs 910.7 million, State Bank Rs 707 million, Reliance Rs 633.5 million and Castrol Rs 566.6 million.

Hectic activity was also observed at the other counters like Hind Lever Rs 354.5 million, MTNL Rs 243.9 million, ACC Rs 223.1 million, Bajaj Auto Rs 190.6 million, Colgate Rs 15.88 million, TISCO Rs 101.6 million, TELCO Rs 94.2 million, BHEL Rs 91.4 million, Hind Petro Rs 82.5 million and L&T Rs 62.8 million.

Good transactions were witnessed in B1 group at Corporation, Infosys Tech, Contain Corp, Ind Oil, Videsh Sanch, NIIT, Chambal Fert, CESC, Rel Pet, Madras Cem, Otis Elev, LML, Pun Tract, and Satyam Comp.

Among the issues, ACC gained by Rs 56 to Rs 1344, Bajaj Auto firmed up by Rs 11.25 to Rs 621, BHEL shot up by Rs 14.50 to Rs 387.75, Burrough Wel flared up by Rs 29 to Rs 324, Glaxo added Rs 16 to Rs 404, Grasim up by Rs 8 to Rs 342.25, Hind lever gained by Rs 12 to Rs 750, Ind Hotel looked up by Rs 2.50 to Rs 615, ITC moved up by Rs 21 to Rs 610, Larsen and Toubro up by Rs 3.75 to Rs 188.75, MTNL gained by Rs 10 to Rs 260, Pond India shot up by Rs 23.25 to Rs 990.75, Petrochem major Reliance hardened by Rs 2.25 to Rs 163, State Bank firmed up by Rs 4.25 to Rs 230.75, TISCO up by Rs 2.25 to Rs 130 and Tata Tea closed at Rs 404.50 by gaining 2.50 over the previous close.

TELCO opened at 287.25, touched the high of Rs 289.75 fell sharply to Rs 281.50 and later closed at 284.00, suffering a loss of Rs 2 over the previous close.

UNI

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