Sensex makes small gain

MUMBAI, JAN 25: Share prices moved widely and select scrips closed higher on the Bombay Stock Exchange (BSE) amidst alternative bouts of ...

MUMBAI, JAN 25: Share prices moved widely and select scrips closed higher on the Bombay Stock Exchange (BSE) amidst alternative bouts of buying and selling. Even though Sensex gained 11 points, there was only lacklustre support from foreign investors and institutions.

The BSE sensitive index (Sensex) started slightly better at 3309.46 and moved between 3321.89 and 3246.03 before closing at 3309.15 with a small gain of 11.29 points compared to the previous level of 3297.86. The BSE-100 index gained 2.02 points to 1460.36 against the last level of 1458.34.

Brokers said share prices recovered gradually during the mid-session on account of stray deals of small lots by local institutions and short covering. The activity was dull and lacklustre owing to the holiday on Tuesday for the "Republic Day". As a result, speculators were busy squaring up their positions for the current settlement at the National Stock Exchange (NSE). Speculators were also reluctant to create fresh positions in the absence of FIIs andbooked profits wherever possible.

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Dealers said fears of harsh financial budget for the fiscal 1999-2000 to be presented on February 27 over-shadowed the market sentiments to some extent. While stocks of high-priced software computer companies came under selling pressure at higher prices, medium ranged stocks, however, made further headway on sustained buying.

The total turnover was Rs 1814.97 crore. Pentafour posted the highest turnover for the day at Rs 313.88 crore, followed by ITC Rs 158.10 crore, Tata Tea Rs 148.11 crore, Satyam Computers Rs 144.27 crore and Zee Telefilms Rs 94.97 crore.

Pentafour software softened by Rs 21.00 to Rs 918.50, Tata Tea by Rs 19.25 to Rs 377.75, Satyam Computers by Rs 28.50 to Rs 903 and Zee by Rs 9.50 to Rs 345.50. Among the pivotals, ITC, ACC, Bajaj Auto, BHEL, Castrol, Glaxo, Hindustan Lever, Hindalco, NIIT, Infosys, Nestle, Reliance, SBI, TELCO and Tisco remained better. ABB slumped by Rs 15.00 to Rs 524, Dabur by Rs 10.50 to Rs 497, EI Hotel by Rs 9.10 to Rs263.40, Madras Cement by Rs 164.50 to Rs 3398.25, Pfizer by Rs 29 to Rs 922.75 and Wockhardt by Rs 9.50 to Rs 345.50 on selling pressure.