Sustained Selling Pressure Leads To Further Fall In Prices

BSE REPORT

In narrow movements, pivotal issues recorded further losses on sustained selling pressure on the Bombay Stock Exchange (BSE) yesterday lacking support from investors and in the absence of foreign funds.

Major players, losing confidence, shied away from enlarging their position in the wake of uncertain political situation. The FIIs opted to remain sidelined owing to the nearing of the year end. Domestic institutions were the buyers at lower levels in certain scrips which obstructed the Sensex from plunging sharply.

The BSE sensitive index opened lower at 3,744.39, hovered in the range of 3,714.03 and 3,766.76 and closed at 3,763.96, registering a loss of 14.27 from the previous close of 3,778.23. The BSE-100 showed a loss of six points closing at 1,628.34 from the last close of 1,634.34. The BSE-200 closed lower at Rs 366.24 and the Dollex at 167.42 from the last close of 367.53 and 168.29 respectively.

Marketmen were also nervous following the postponement of the global depository receipts (GDR) issue of the Gas Authority of India Ltd (Gail). They were cautious of not extending large scale support in the wake of the new carryforward system starting from Monday next.

ACC and ITC were in limelight evoking good support from local institutions. These scrips showed wide movements and ended with substantial gains. Domestic institutions also made fresh purchases in the Telco, Tisco, Tata Tea, Castrol, Reliance, SBI, Bhel and MTNL. While selling pressure was witnessed in the shares of Bajaj Auto, Glaxo, Gujarat Ambuja, Hindalco, Hind Lever, IDBI, Mahindra & Mahindra, BPCL, Castrol, Century, German Remedies, HDFC, Ponds, Proctor and Wartsila.

Volume of business was poor with the total turnover on the Bolt system accounting for Rs 509.85 crores. ITC was the leader with a turnover of Rs 200.15 crore followed by SBI (Rs 67.59 crore).