Select cyclicals move up

MUMBAI, DEC. 12. Select key old economy stocks scored impressive gains and helped Sensex to ward off any adverse impact of a negative reaction in a few heavyweights on the Bombay Stock Exchange today on sustained bull support and selective purchases by foreign funds.

In keeping with the squaring up of positions on the National Stock Exchange that had the last day of current account, speculators were seen placing buy orders in cyclicals such as ITC, BHEL, Grasim, HPCL and BSES which have high weightage in the benchmark.

Even a leading domestic institution was reportedly buyer in ACC, Tisco and some others.

Had it not been for setbacks suffered by other heavyweight counters such as Infosys, HLL, Tisco, Telco, Reliance, SBI, MTNL, Zee Telefilms and L&T, the Sensex would have closed far higher in the positive territory.

The BSE sensitive index opened on a promising note at 4254.16 but later met with resistance and fluctuated in a narrow range of 4255.69 and 4210.15 before closing at 4219.48 against yesterday's close of 4228.29, a net loss of 8.81 points.

In the specified group, 88 counters registered moderate losses while 49 other showed marked gains.

- PTI

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