Renewed interest in cyclicals

MUMBAI, OCT. 15. Led by Reliance Industries, equities recovered their early losses and some even posted handsome gains at close aiding the Sensex to end in the positive territory on the Bombay Stock Exchange today on selective purchases by institutional investors.

The BSE benchmark 30-share index opened marginally down at 2951.69 and dropped to the day's low of 2940.08 at the initial stages in extremely narrow movements. However, the Sensex later witnessed a mild rally moving upwards to close at 2976.30 against last Friday's close of 2959.39, a net gain of 16.91 points. The broad-based BSE-100 index also improved by 4.04 points to 1362.43 from 1358.39.

Though foreign institutional investors were not as aggressive as in the last week, they were reportedly good buyers in select heavyweight counters such as Reliance Industries, L&T and few other old economy shares.

The FIIs who had stepped up net investments last week following encouraging announcements by key heavyweights Hindustan Lever and Infosys Technologies were believed to have made purchases of two lakh shares of Reliance Industries alone.

Domestic mutual funds too picked up shares of a few old economy stocks such as BHEL, Telco, Tisco and BSES.

- PTI

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Section  : Business
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