The BSE-30 scrip Sensex moved in a narrow range yesterday gaining 6.64 points over its previous close of 3331.09. Opening slightly up at 3332.17 it moved in a limited range of 3348.32 and 3332.17, before closing at 3337.73.
The broad-based National Index also edged up by 2.06 points to 1491.06 from 1489.00.
There were negligible purchase orders from FIIs and speculators were said to be active. Market sources say there were concerted efforts by some operators to trigger a bull run by putting in huge buy orders to induce further purchases in the market and later withdraw the buy orders.
An NSE dealer said: Some buy orders were put at a price not much related to the market, but this lured some investors to put in buy orders thus pushing the market marginally up.
Operators also said that a Calcutta operator was very active in ITC counter which moved from Rs 294 to Rs 298.25, touching a high of Rs 301.75 during the day. FIIs kept away from the market temporarily to watching political developments, brokers say.
Ranbaxy Laboratories, ITC, MTNL, SBI and other brand equity scrips like Hindustan Lever received purchase orders from FIIs.
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The turnover which remained subdued as the overall market continued to be dull, stood at Rs 338.57 crore with A group constituting 80.71 per cent at Rs 273.26 crore.
The contributions from B1 and B2 group were Rs 43.85 crore and Rs 21.34 crore. The active scrips were 441 and 2398 respectively.
The mild rise was partially because brokers saw no real danger to the present government following the resignation of P V Narasimha Rao as Congress president.
They feel the market is unlikely to revive till about January when there will be diversion of funds towards debt instruments.
SBI moved from Rs 261.25 to Rs 262.50, Reliance moved from Rs 195 to Rs 197, L&T moved down from Rs 241 to Rs 240 and ACC was up from Rs 1851.25 to Rs 1869.25.