Pivotals Decline Sharply On Selling Pressure From Fiis

BSE REPORT

Select pivotals declined sharply on heavy selling pressure from foreign institutional investors (FIIs) and poor support from domestic institutions at the Bombay Stock Exchange (BSE) yesterday.

The market resumed on a steady note with players cautious of increasing positions. The psychological effect of the Far East Asian markets still lingered and operators were wary of the fresh fall in the Hong Kong stock market overnight.

Besides, they were also cautious about the new carryforward system which would come into effect from November 10. They restricted their activity to small lots deals. FIIs were sellers of Mahanagear Telephone Nigam Ltd which is shortly coming out with a GDR issue. ITC was also in the limelight. However, the shares offered by FIIs were purchased by the domestic funds and the scrip shot up sharply at the close.

Reflecting the trend, the BSE sensitive index opened at 3,805.14, moved in the range of 3,759.16 and 3,807.45 and closed at 3,778.23, showing a loss of 27.72 from the previous close of 3,805.95. The BSE-100 closed at 1,634.34, with a loss of 9.73 from the previous close.

The BSE-200 ended lower at 367.53 and the Dollex at 168.29 from the last close of 369.82 and 169.24 respectively. Heavyweighted shares such as Associated Cement Company, BHEL, Bajaj Auto, Gujarat Ambuja, IPCL, Mahindra & Mahindra, Nestle, Hero Honda, Parke Davis, Ponds, Sesa Goa, SKF Bearings and Wartsila all drifted lower on selling pressure.

Hindalco, Hindustan Lever, Ranbaxy, Telco, Tisco, Crompton Greaves, Dr Reddy, Proctor, SmithKline Pharma and Tata Tea surged ahead on fresh purchases.

The total turnover on the BOLT system was Rs 593.61 crore, sharply lower as compared to Rs 859.80 crore previously. ITC headed the list with a turnover of 241.53 crore, followed by Tata Tea Rs 59.72 crore, RIL Rs 57.74 crore, SBI-N Rs 47.29 crore and Larsen Rs 22.72 crore.