The Hindu : Business : Sensex gains 54 points in volatile trading

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Thursday, Nov 01, 2007
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Sensex gains 54 points in volatile trading

MUMBAI: The stock markets witnessed intense volatility on alternate bouts of buying and selling ahead of the U.S. Federal Reserve meeting and fluctuated in a 249-point range before ending 54 points up at 19837.99.

In a roller-coaster ride between 19984.13 and 19735.21, the Bombay Stock Exchange (BSE) 30-share index ended the day at 19837.99, a net rise of 54.48 points over Tuesday’s close of 19783.51.

The broader S&P CNX Nifty of the National Stock Exchange also ended higher by 31.90 points at 5900.65 from the previous close of 5868.75.

Reliance Energy soared by 3.68 per cent as the company’s board approved a proposal to transfer infrastructure projects to a separate wholly-owned subsidiary. Considering sustained economic growth coupled with robust corporate earnings, analysts feel the downside risks are limited even as valuations looked expensive.

Provisional data, however, showed foreign institutional investors (FIIs) and domestic institutional investors (DIIs) were net sellers.

IT, capital goods and FMCG sectors were under pressure while metal, bank and refinery shares scored handsome gains.

Hindustan Unilever closed 5.2 per cent lower as the company announced lower net profits of 21.63 per cent.

The trading volume on the BSE remained high but relatively low at Rs. 10,060.07 crore against Rs. 10,980.56 crore on Tuesday.

Reliance clocked the highest turnover of Rs. 651.43 crore followed by Reliance Petroleum (Rs. 560.36 crore), Jindal Steel (Rs. 422.53 crore) and Reliance Energy (Rs. 352.50 crore). and RNRL (Rs. 338.13 crore). The broad-based BSE-100 index recovered sharply by 55.90 points to 10391.19 from the previous close of 10,335.29. — PTI

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