Bull Run Reversed

Selling by profit-takers amidst slackness in buying activity in heavy-weighted stocks has reversed the long bullish phase on the Delhi Stock Exchange (DSE) yesterday. The counters recorded sizeable to moderate gains. Stock brokers said selling by FIIs in multi-national and automobile company stocks pulled the sensitive index sharply down.

Selling by profit takers was so strong that even buying by domestic funds failed to enthuse the sentiment, brokers said. The DSE index declined by 16.99 points to close at 903.32 points. Stocks of automobiles, cements, banking and multinationals were under selling pressure throughout the session as buying interest dried up as stocks were overheated. Telco suffered sharp setback and lost Rs 10.45 to close at Rs 283.75 while Hero Honda Motors shares lost Rs 21.75 to close at Rs 1181.25.

Bajaj Auto and LML also came under selling pressure and dropped by Rs 6.05 and Rs 3.40 to close at Rs 615 and Rs 151.85 respectively. ITC fell Rs 8 to Rs 771, Nestle India dropped Rs 11.40 to Rs 425.50.