Sensex Sheds 42 Points

The slump in the capital markets continued for the second day, with the BSE Sensex shedding 42.67 points yesterday to close at 3725.87 points against the previous close of 3768.74.

Arbitrage opportunity was strong yesterday with the difference in closing prices of some leading scrips on NSE and the BSE increasing, on this the last day of the settlement cycle at the NSE.

The price difference between the closing prices of RIL was Rs 6.5, which was unusually high, source said. This apart, the difference in the closing prices of ITC was Rs 4.9, Indian Hotels Rs 7, Colgate nearly Rs 5, Bhel nearly Rs 5.

The NSE-50 index lost 26.7 and closed at 1052 points as against the previous close of 1078.7.

"The Sensex slumped as it was the last day of settlement at the NSE, which forced the punters to switch positions. But towards the end, the market looked firm giving an indication that the today markets should look up," informed a dealer with a leading BSE brokerage.

The GDR markets were weak, with the Skindia GDR index at 72.81 on March 10 against a previous level of 74.77. The major GDRs which lost ground were Crompton Greaves, Indian Aluminium and CESC.

The ACC stock touched the filter-circuit levels on the NSE. Reliance was a major loser yesterday, with the markets agog with rumours that a US-based fund sold nearly 12 lakh shares of the company. The scrip closed at Rs 276.5 on the BSE over the previous close of Rs 287.25, a loss of nearly Rs 8. The scrip touched a low of Rs 272 during the intra-day trading. Reliance closed at Rs 270.95 on the NSE over the previous close of Rs 286.2, a loss of nearly Rs 16.

Bhel touched the 52-week high during the intra-day trading at Rs 315.75 on the BSE.