Sensex Slips 25 Points In Volatile Market

The 30-share BSE sensitive index was volatile yesterday mainly on account of speculative unwinding. The sensex crossed 4600 points early in the day to touch an intra- day high of 4605.41, but sentiment was dampened by the poor half year results expected to be announced by ACC. The sensex closed yesterday at 4523.01, down 25.01 points over the previous close of 4548.02.

Speculators sold several key index stocks which caused the sensex to slide to an intra-day low of 4505.06. The ACC stock was hit the hardest, dropping Rs 108.25 over the previous close to end the day at Rs 1,564.

However, there was buying support at the lower levels which saw the sensex firm up to 4523 at close. Foreign institutional inves-tors and domestic institutions were selling but not aggressively.

The NSE-50 index closed at 1292.95, up 19.80 against the previous close of 1273.15. The NSE was open for only 90 minutes, the session being only an extension of yesterdays settlement cycle when brokers could not square off positions due to a technical snag. Brokers said the volatility witnessed on the BSE was partly on this account.

MNC stocks continued to hog the limelight yesterday with stocks like Pfizer, Ponds, Reckitt & Coleman and P&G touching new 52-week highs during the day. Refinery stocks also warmed up ahead of the impending oil price hike with HPCL and BPCL touching new 52-week highs during the day.

The trading sentiment was steady in kerb deals late last evening. Prices of key pivotals edged up in late evening deals. Reliance was quoted at Rs 367 (close Rs 366.50), SBI at Rs 333 (332.25) , ITC at Rs 579 (Rs 575) and Tisco at Rs 221 against the official close of Rs220. Brokers said prices had firmed up on the kerb due to the sharp drop in prices in intra-day trade.