Heavy Selling

Brisk selling by speculators and domestic financial houses along with bear hammering, towards the mid-way, wiped off the initial gains in share prices. It closed with notable to small losses spread over a wide front.

Marketmen said reports that Securities and Exchanges Board of India (Sebi) was planning to bring uniformity in settlement cycle of the major bourses brought nervousness among speculators.

Displaying the weakness of the market, the Delhi Stock Exchange Sensitive Index dropped by 15.38 points to settle at 773.05 points.

Opening on a firm note, share prices maintained the trend on sustained buying by foreign financial houses.

However, towards the mid-way prices started declining on brisk selling by speculators and domestic financial houses and closed with widespread losses.

Despite a weak stock market, shares of Smithk line beecham were in demand on reports that company declared bonus issue in the ratio of three for five. It shot up to Rs 322.50 before winding up at Rs 306, still showing a gain of Rs 6. On the other hand, ACCs shares were the centre of brisk profit selling and lost Rs 91.05 at Rs 1,586.95. It shot up to Rs 1,689 during the day.