Sensex gains ten points in choppy session

MUMBAI OCT. 28. Equities fluctuated erratically with some scoring remarkable gains aiding the Sensex to close ten points up in exceptionally choppy trading on the Stock Exchange, Mumbai, today on selective purchases by foreign funds alternated by fresh continued winding up by operators.

The BSE benchmark 30-share index opened moderately higher at 4710.22 and later moved wildly between 4748.19 and 4666.19 before ending at 4707.80 against yesterday's close 4698.28, a net gain of 9.52 points. The broad-based BSE-100 index eased by 3.45 points to 2381.16.

Attributing unusual volatility to heavy purchases by a couple of leading foreign funds while retail investors were busy in off-loading their Futures and Options positions ahead of the expiry of derivatives October contract on Thursday, brokers said investors were unwilling to carry forward their holdings to the next contract due to heavy margins and penalties imposed by the market regulator. Some U.S.-based leading funds were believed to have made heavy purchases of Rs. 250 crores in select blue chip counters including SBI, HDFC and Maruti Udyog. However, HLL, ACC, HPCL, SBI and Tata Motors recorded moderate falls.


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