The Hindu Business Line : Stocks rally, draw a little comfort from rollovers

STOCK markets regained their composure on Wednesday after the 213-point plunge drawing comfort mainly from rollovers of positions in the futures and options market.

The 30-share BSE Sensex opened firm and rose about 35 points in early trade from Tuesday's closing level of 5,712. A dealer said the rollovers of positions started by mid-morning trade indicating that investors were willing to stay invested into the next month. "After the first one-and-a-half hours, rollovers began. That gave some relief to the market," said one dealer.

The BSE Sensex closed almost flat at 5713.09, and the broader S&P CNX Nifty of the NSE followed by closing at 1816.55, hardly moving from its previous close of 1817.25. The index of banking stocks, the BSE Bankex, which was one of the biggest losers on Tuesday, gained 1.25 per cent to close at 3210.08. A dealer said good buying in Punjab National Bank and Union Bank lifted the sector spirits.

Oil company stocks as well as auto, steel and cement stocks bounced back in the afternoon trade, but many of them pared gains by close. According to an equities analyst with a private bank, there was not much erratic movement in stock prices and institutional interest was seen at select counters.

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