The Telegraph
Since 1st March, 1999
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Lever, RIL help sensex close higher

Mumbai, Oct. 30: A day after it toasted the rate-cooling credit policy with a 50-point advance, the BSE sensex ended a roller-coaster session with a modest increase of 3.36 points at 2888.59 over Tuesday’s 2885.23.

The volatility was the result of rumours, later dismissed, that a weekend meeting of the Cabinet Committee on Disinvestment had been put off. Feeding the speculation were newspaper reports that suggested the high-profile panel would go into a huddle on November 4.

The highlight of the session was the recovery made by Hindustan Lever and Reliance, two sensex-swaying companies that have faced the wrath of skittish investors. Today, they saw brisk buying, helped the key market barometer reclaim losses and end with gains. Barring the two, selling was seen across the board.

Gujarat Ambuja and Zee Telefilms, which came out with disappointing results, tested new 52-week lows. Zee bounced back to Rs 80.35 from Rs 77.25 touched earlier in the day.

State Bank of India was down 1.37 per cent at Rs 230.60. The bank major’s share slipped from the day’s peak of Rs 235.70 despite its impressive quarterly results. Lever bucked the trend and closed 3.20 per cent higher at Rs 162.90 on sustained buying after the Reserve Bank of India cleared on Tuesday the hike in the company’s FII stake cap to 49 per cent from 24 per cent.

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