Bear Pressure Takes Its Toll On Pivotals

Trading on the National Stock Exchange (NSE) witnessed a further downtrend with equities suffering a setback yesterday. The NSE 50 Index, which opened at 937.16, fell11.35 points over the previous close of 936.27.

Rumours on the uncertainty of the ruling United Front government affected the sentiment. The prices of key pivotals suffered a setback, mainly due to the selling pressure on the State Bank of India stock on the eve of the pricing of its GDR. The SBI stock saw hectic activity and its price fell further to close at Rs 239.65, having pulled down by at least Rs 30 over the past three weeks.

 

After opening at 937.16, the Nifty touched a high of 943.38 before reaching a low of 921.18 and closing at 924.92, losing 11.35 points over the previous close of 936.27. It had opened steady touching 938.90 levels by mid-session. The slide came towards the closing stages. The net traded value was Rs 1,295.66 crore and the net traded quantity was 609.94 lakh shares. The number of trades were 1,06,686.

Selling pressure was seen in the SBI stock right through. This, according to marketmen, was through local operators and select FIIs. The wide fluctuations in the price would have its effect on the GDR pricing, marketmen said.

The SBI stock saw trading valued at Rs 691.86 crore, followed by ITC with Rs 209.40 crore and Tisco with Rs 152.85 crore. SBI which opened at Rs 249.50, touched a high of Rs 253.10 and slid to Rs 237.75, before closing at Rs 239.65 against a previous close of Rs 246.65.

Reliance moved in a narrow range and from an opening of Rs 192.50, fell to Rs 189.70 levels, against a previous close of Rs 190.55.

Hectic trading activity was witnessed in other key stocks like ACC, L&T, MTNL, BSES, Telco and Tata Power.