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Partial acceptance of 'badla' pushes Sensex up by 42.5 points

Speculatives recovered further on Thursday on the country's premier bourse following the partial acceptance of the J R Verma Committee report by the Securities and Exchange Board of India on Wednesday.

Market analyst said that though market players like the foreign institutional investors were away from the Indian capital market, the BSE Sensex rose by about 43 points. Domestic institutions sold a sizeable number of blue chips.

The BSE Sensitive Index flared up to 4082.66 points and moved further to 4090.51 points in intraday trading. Domestic institutions started booking profit at higher levels which saw the Sensex drift lower to 4046.47 points. At the fag end, index-based shares recovered and the Sensex quoted at 4077.05 points, showing a net gain of 42.50 points as against its previous close of 4034.55 points.

The broadbased BSE National Index (100 scrips) closed at 1755.91 points over the Wednesday's closing of 1738.88 points, gaining 17.03 points.

The BSE-200 and Dollex Indices finished higher by 04.03 and 01.85 points to 392.03 and 180.20 points as compared to the last trading day's close of 388.00 and 178.35 points respectively.

Another leading broker said that though the market improved marginally on reintroduction of the badla system in the capital market. But it failed to improve as per their expectations.

Market operators were looking forward for the BSE board meeting on October 22 at which the board may take concrete decision.

The market leader Reliance Industries Limited has passed eight resolutions including issue of bonus share 1:1, hike in the remuneration of proprietors and directors among other resolutions.

The total turnover increased by Rs 261.6 million to Rs 8.6 billion involving 33.6 million shares.

The volume of the business was led by Reliance with the highest turnover of Rs 2.8 billion, followed by SBI Rs 1.6 billion, ITC Rs 1.2 billion, Tata Tea Rs 369.1 million, TISCO Rs 311.5 million, TELCO Rs 268.1 million, Castrol Rs 203.9 million, Reliance Cap Rs 152.7 million, Bajaj Auto Rs 140.3 million, Hind Lever Rs 101.2 million, ACC Rs 96.1 million, ICICI Rs 92.2 million, Hero Honda Rs 77.4 million, L&T Rs 62 million, Colgate Rs 54.3 million.

Hectic trading was also witnessed at Infosys Tech, Reliance Pet, NIIT, Satyam Comp, HDFC Bank, Ingersoll, Software Sol, ICICI Bank, Zee Telefilm, Aptech, Cipla, LML, Pentafour S, Bank of Baroda, Tata Infotec at 'B1' counter.

UNI