MUMBAI, February 13: Select pivotals led by Hindustan Lever, Pond's and others firmed up smartly on the BSE today on fresh buying support by foreign institutional investors (FIIs) coupled with short covering by local operators. The sensex zoomed by 80 points.The sentiment was boosted following brisk buying on news of the amalgamation between Pond's and Hindustan Lever and the proposal to acquire 50 per cent shareholding of Lakme. HLL shot up by Rs 119 on brisk support, but Lakme fell 10 per cent. The volume of business recovered.
The BSE Sensitive Index opened higher at 3306.39 points, improved further to finish at 3373.53, with a handsome gain of 79.64 points compared to the previous level of 3293.89. The BSE-100 index also gained 28.94 points to 1449.23 against the previous level of 1420.29 points.Brokers said that after several sessions, FIIs entered the market and bought a good amount of heavy weighted shares. The recovery was also due to squaring up of positions in view of the day being the lastsession for the current settlement. The total turnover improved to Rs 900.82 crore.
On the NSE, share prices recovered smartly on heavy buying by foreign funds as well as local speculators. The NSE-50 index started better at 956.80 and after touching a high of 978.15, settled at 974.55, showing a gain of 17.90 points over the last close of 956.65.
The Midcap index, after a subdued start at 1060.65, rose to close at 1065.50, disclosing a gain of 4.55 points over the previous close of 1060.95. The market displayed a total turnover of Rs 1,325.16 crore.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
