Select pivotals stage recovery

MUMBAI, APRIL 5. After a weak start, select key heavy-weights staged a dramatic recovery aiding the Sensex to recoup part of its overnight losses on the Bombay Stock Exchange today following good purchases by financial institutions and selective buying by speculators.

Initially, Infosys Technologies, Hindustan Lever and several cyclicals that have high weightage in the Sensex, were weak on the news that the Nasdaq composite index suffered further setback last evening. However, sudden buying spree emerged around midsession as financial institutions made heavy purchases particularly in trend-setter, Infosys Technologies besides Hindustan Lever, Tisco, ACC, Reliance and some others that helped lift morale of the market.

The BSE-30 share sensitive index opened lower at 4616.36 and moved in a wide range of 4852.45 and 4601.58 before closing at 4757.06 against yesterday's close of 4691.46, registering a rise of 65.60 points or 1.40 per cent.

Speculators were extremely cautious and were seen only making selective purchases to square up their positions ahead of the news of quarterly working results begin pouring in.

Shares of many banks suffered a further setback on the central bank's decision to ease interest rates and increase liquidity that might squeeze interest margins of banks further in the current financial year.

- PTI

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