BSE REPORT
The Bombay Stock Exchange witnessed an upswing yesterday on heavy buying support from domestic institutions. The mood was cautious, with the speculators making selective purchases at the lower level. Foreign Institutional Investors (FIIs) continued to sell in the market yesterday. Morgan Stanley and Jardine Fleming were aggresive, selling shares MTNL, Hindustan Lever and ITC shares a dealer said.
The market opened at 4038.58 and went up to 4110.51 before closing at 4107.24, up by about 60 points over Friday close.
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The Sensex on Friday had closed at 4047.67 points. Among the scrips that witnessed heavy trading were ITC, Indian Hotels and Software Solutions. ITC went by Rs 18 to close at Rs 536 with over 34.29 lakhs shares being traded.
ITC had witnessed volatile trading at the NSE on Monday with share prices witnessing sharp fluctuation with share price closing Rs 523. Since Monday was a holiday at the BSE, the sharp rise in prices was expected, said a broker.
Among the other shares that rose were East India Hotels, by Rs 19 to close at Rs 404, Hero Honda, by Rs 34 to close at Rs 656, HPCL, by Rs 24 to close at Rs 481. The stock market continued to be remain volatile on account of three factors uncertainty on oil price hike, fear of sharp depreciation of rupee and disturbance at the border.
Pasupati Advani, Director, Advani Share Brokers said, Domestic institutions were making purchases at lower levels while FIIs were booking profits at select counters at higher levels.
Any sharp rise in the index will result in selling by FIIs. This will keep the stock market volatile till they stop selling, said a fund manger.