Sensex up 34 points

MUMBAI, DEC. 1. Short covering by operators coupled with local institutional buying in select index-based counters reversed the initial weak trend, lifting the Sensex by about 34 points to close at 4031.96 on the Bombay Stock Exchange today.

Select old economy counters including heavyweights such as Hindustan Lever, ITC, BHEL, Grasim and SBI rallied further while new economy shares regained early losses on short coverings on the last day of the current settlement.

A firm closing on the Southeast Asian stock markets such as Hong Kong, Tokyo and Singapore also partly aided the uptrend.

Meanwhile, share values resumed on a weak note following shaky conditions on the Wall Street where the Nasdaq composite index and the Dow Jones industrial average tumbled by 109 and 215 points respectively yesterday.

The BSE-30 share sensitive index opened lower at 3968.89 and immediately touched a low of 3966.55. Later it recouped to cross 4046-resistance level and touch a high of 4054.86 before closing at 4031.96 against yesterday's close of 3997.99. The BSE-100 index rose by 40.47 points to 2101.65 from 2061.18.

Dealers said despite a sell-off by foreign institutional investors for the last couple of days and virtual crash on the Nasdaq, the market remained firm.

- PTI

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