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Bombay shares

stay dull, blue

chips gain

BOMBAY: Blue chips on the Bombay Stock Exchange (BSE) traded in a narrow band but spurted at close to finish higher in active end-account trade, brokers said.

The new account in A-group stocks begins on Thursday as tomorrow is a BSE holiday.

"The market improved in the last half an hour and pivotals shot up as operators squared their positions before the end of the settlement," said a trader at a foreign fund.

BSE's 30 share index lost 10.99 points to a provisional 3,441.45 but traders said the final closing index could even be a shade higher. The National index lost 7.08 points to 1,576.87.

Traders said prices would open stronger in the new account.

"Pivotals picked up towards the end today and prices should open firmer on Thursday now that the holiday mood is over," said a dealer at a foreign brokerage.

There were several BSE holidays in the current settlement.

"Prices should move up in the next account as the monsoon factor has been discounted and FIIs (foreign institutional investors) have not let up accumulating stock," the trader at the foreign fund said.

Traders said cement firm Associated Cement Companies (ACC) was in the limelight across bourses.

ACC rose 102 rupees to 3,439 on the National Stock Exchange (NSE) with 9,320 shares traded. On the BSE, the share gained 75 rupees to 3,435.

"Cement stocks have attracted some buyers especially after Gujarat Ambuja's results," the trader at the foreign brokerage said. Gujarat Ambuja Cement last Friday announced a 61 percent rise in 1994/95 net profit to 1,004.80 million rupees.

"ACC is also expected to record excellent sales in the first half of the current fiscal year," one broker said. Other active stocks were Hindalco, which touched 1,000 rupees, Arvind Mills, TISCO, IPCL and Indal.-Reuter