Downtrend Persists

Equities took a beating for the second consecutive day at the Calcutta Stock Exchange yesterday.

Fresh offerings from the higher levels in the sliding market adversely affected market sentiments and contributed to declining price trend, said ringside observers. Short coverings, however, arrested the downward movement due to which values improved modestly from the low levels touched early.

Brokers were reluctant to make fresh commitments in the uncertain market conditions. The volume of business was once again restricted. The 51-scrip CSE Index lost 2.32 points, closing at 423.81 points.

ACC opened at Rs 1,810 and ended at Rs 1,805, losing Rs 40 over previous close at Rs 1,845. ITC lost its earlier gains and settled at Rs 295.50. Reliance and Tisco retreated to settle at Rs 194.50 and Rs 171 respectively. SBI opened lower moved down further to close at Rs 260.50.