Late rally on Lyons Range

By A Special Correspondent

CALCUTTA, JULY 30. The ugly turn of events arising out of the recent hike in Bank Rate announced by the Reserve Bank of India has compounded the agony of investors in stock markets which last week witnessed bouts of new selling from the foreign institutional investors with their attention centred on software group.

The pressure sent share prices reeling all-round on the Calcutta Stock Exchange with weaker advices from the premier market at Mumbai an additional damper. The fall, rather sharp in most of the software counters, in turn pulled down the representative indices with the BSE's sensex marked down to a low of 4052.61 points on Monday from the previous week's close of 4461.48. The CSE's 40 share index dipped to touch 1923.66 against 2075.45. The mid week saw a fresh rally in prices, which triggered a recovery in the wake of which the two indices closed at 4276.70 and 1985.34 respectively.

Trading on Friday was somewhat lacklustre with buyers in evidence only in selective counters. The software group shed part of the gains scored on Thursday on profit taking but selected others in the list maintained their improved look.

The fact that there was no selling pressure as such in the market for two days in a row gave the much relief to the operators who have started feeling confident that the worst is over and that the market will now begin a sustained recovery drive.

The recovery witnessed after the mid-week has no doubt has brought some cheer to investors and speculators as well.

Send this article to Friends by E-Mail

Section  : Business
Previous : Bourses may witness narrow movements
Next     : Autodesk to cater to enterprise GIS