Firm trend on Lyons Range

By A Special Correspondent

KOLKATA, NOV. 4. A clear bullish sentiment pervaded the atmosphere on the Calcutta Stock Exchange during the trading for the first post-puja week that concluded on November 2 on a positive note. A host of factors were behind the upbeat mood that characterised trading for the major part of the period under review. There was expanded business and the close showed several gainers in the list. This reflected partly buying on behalf of institutional buyers - both domestic and foreign.

Buying support from FIIs was forthcoming promptly at lower rates but they were also effecting sales at higher levels in order to book profits taking into account the approaching year end which will call for ready funds to meet obligations connected with the close of the year. Seasoned operators are of the view that the basic tone of the market is quite strong as despite repeated bouts of profit booking the list closed the week with a number of gainers including shares in the old and new economies. Mirroring the upward movement in prices the CSE's 40-share index finished higher at 1623.59 points against 1593.65 points earlier.

The CSE authorities in the meanwhile, have circulated a note among members eliciting their opinion in regard to a proposal to introduce with effect from December 1, a 5-day settlement. This development is considered to be encouraging and market operators feel that the introduction will help augment the overall business volume at the CSE, a much needed requirement in view of the appallingly low business in the bourse ever since the payment crisis that struck the Exchange early this year.

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Section  : Business
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