Downturn In Prices As Bearish Sentiment Prevails

Equities on the Bombay Stock Exchange continued their downward slide as a bearish sentiment wiped out the marginal gains made early yesterday.

The Sensex ended the day at 3753.50, down 27.99 points over the previous days close of 3781.49. The Sensex opened the day at 3785.83 and moved up to an intra-day high of 3790.69, fell to a low of 3751.93 before inching up at the close. The bourse recorded a turnover of Rs 568.07 crore.

According to marketmen, FIIs were buyers mostly in side counters like Castrol, Carrier Aircon, Cipla, and Exide while domestic institutions were booking profits at higher levels and making small purchases at lower levels. They also added that the holiday today on the BSE also contributed to the downtrend as players seemed reluctant to hold on to their positions till Friday.

 

Pivotals continued to lose ground on selling pressure with Bajaj Auto and ACC being the major losers of the day. Bajaj Auto lost Rs 15 over the previous close to end at Rs 865 while ACC closed at Rs 1314.75, down Rs 40 over the previous close. Indian Rayon and Century Textiles slid further with the latter hitting the lower end of the circuit filter at Rs 2033.25.

Hero Honda was a major gainer in the A group with the scrip gaining Rs 35 over the previous close to end the day at Rs 400.

In the B group Carrier Aircon moved up sharply on investment buying to end the day at Rs 248.50, up Rs 21.50 over the previous close. Cipla and Ingersol Rand were the other major gainers in the group.

Refinery scrips seemed to run out of steam on heavy profit booking with Cochin Refineries hitting the lower end of the circuit filter at Rs 134.50. Madras Refineries closed lower than the previous days levels while Bongaigaon Refineries remained steady. Our Financial Bureau