MUMBAI, June 27: Pivotals generally showed a mixed trend on the Bombay Stock Exchange (BSE) in lacklustre trading. The Sensex, however, moved up further by 17 points. After a better spell, share prices led by Reliance declined towards the end on profit-taking mainly due to end-account considerations. The closing rates showed small to modest changes. The volume of business dropped below Rs 1,000 crore-mark.

The BSE sensitive index moved up to the intra-day high at 4153.80 during the session, but it dipped partly at the fag end to close at 4133.74 with a net gain of 17.18 points compared to the previous level of 4116.56. The BSE-100 index also looked up by 2.30 points to 1770.33 from the previous close of 1768.03.

Brokers said the profit-taking was mainly due to the end of the current settlement and technical considerations. Reliance which firmed on the bonus news, encountered profit-taking and lost its overnight gains. While brokers attributed the fall to squaring up at the end of the current settlement, analysts opined that the Indian market was not prepared for the large capital base after the proposed bonus. They said any adverse news would definitely bring more selling pressure in the scrip due to huge floating stocks resulting from the bonus issue.

Reliance recorded highest turnover of Rs 277.70 crore of the total business of Rs 864.97 crore. Other active scrips were ITC (Rs 154.35 crore), SBI (Rs 76.90 crore), Telco (Rs 66.82 crore) and Tisco (Rs 44.81 crore). Reliance lost Rs 10.25 at Rs 367 on selling pressure. Tata Steel lost Rs 3.25 at Rs 182.50 and Telco Rs 8 at Rs 439.50 on profit-taking. ACC spurted up by Rs 45.25 to Rs 1390 and ITC by Rs 12 to Rs 524.75 on short covering. SBI maintained at the previous level at Rs 342.

On the National Stock Exchange (NSE), pivotals recovered smartly on good buying support from bull operators and FIIs on the last day of the current settlement cycle. NSE-50 index closed at 1138.80 points as compared to previous close of 1129.70 points, showing a gain of 9.10 points. The Midcap index also rose to 1168.90 from 1166.05 points, gaining 2.85 points. The total turnover on the NSE was Rs 2,017.85 crore.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.