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November 25, 1997

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BSE Sensitive Index

Sensex recovers, gains
76 points

After yesterday's crash of 120 points, the Sensex recovered by 76 points and forwarded to 3479.89 points on the Bombay Stock Exchange on Tuesday following rumours that the Congress is ready to compromise with the United Front government and short covering by speculators.

The weakening of the Indian rupee against the US dollar demoralised the sentiment of foreign institutional investors to invest in the Indian capital market. They sold sizeable amount of blue chips, leading brokers said.

On the contrary domestic institutions -- Unit Trust of India -- remained absent from the market after couple of week's support to the market.

Bear operators have also purchased considerable amount of non-specified shares.

Mirroring the uptrend, the BSE Sensitive Index (30 scrips) opened slightly lower at 3400.75 points. Due to selling pressure from FIIs it dropped below 3400 mark, but later buying support helped the Sensex recover to 3490.40 points before closing at 3479.89 points, showing a net gain of 76.12 points as against its previous close of 3404.07 points.

The broadbased BSE National Index (100 scrips) crossed the psychological barrier of 1500 mark and closed at 1508.61 points over the last trading day's close of 1478.02 points, gaining 30.59 points.

The BSE-200 and Dollex Indices also improved by 05.88 and 02.70 points to 340.62 and 147.87 points as compared to Monday's close of 334.74 and 145.17 points respectively.

Stock prices at the Tokyo market plunged on Tuesday amid worries over the failure of Japan's fourth-largest brokerage house on Monday, overseas trader said.

President K R Narayanan's assurance to the Bharatiya Janata Party that before taking a final decision on the present political situation, he will ''consult'' them also helped to improve the sentiment of the market.

The spilt in the All-India Anna Dravida Munnetra Kazhagam today also kept the FIIs away from the market, brokers added.

The total turnover on the screen-based trading system was Rs 11.1 billion involving 40.9 million shares. Out of 6,752 scrips, a total number of 1,478 scrips were traded.

The business volume was led by ITC with Rs 5.3 billion, followed by SBI Rs 2 billion, RIL Rs 1.2 billion, Castrol Rs 484.6 million, Tata Tea Rs 430.4 million, TISCO Rs 259.3 million, TELCO Rs 186.8 million, Hind Lever Rs 154.6 million, MTNL Rs 124.1 million, ACC Rs 117.9 million, BHEL Rs 69.4 million, Bajaj Auto Rs 64.7 million, Hindalco Rs 49.2 million, Bharat Petro Rs 38.4 and Dr Reddy Rs 34.8 million in specified counters.

Good transactions were observed at Satyam Comp (Rs 32.2 million), Zee Telefilm (Rs 31.8 million), Bank of Baroda (Rs 30.3 million), Foseco India (Rs 24.6 million), Infosys Tech (Rs 13.6 million), Videsh Sanch (Rs 13 million) at the non-specified counters.

UNI

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