Markets Stay Dull, Sensex Inches Up

Close on the heels of various financial scams, the slowdown in growth of the economy, lack of buying interest from foreign institutional investors and total absence of retail investors in the capital market, the Bombay Stock Exchange (BSE) ended on a dull note yesterday.

The BSE Sensitive Index closed at 3066.66 up 22.50, better than yesterdays level.

However, the broadbased National Index dropped by 214.25 to close at 1371.75 against the previous close of 1585.99.

Many of the leading brokers attributed the fall to various issues, including the court cases against the countrys former Prime Minister P V Narasimha Rao, corporate scam, duplicate shares issue and many other things that directly or indirectly affected market sentiment.

 

The market yesterday started on a better note as the Sensex opened at 3055.07, higher from yesterdays close of 3044.16.

It than touched the days high of 3073.61, dropped to 3046.27 and recovered at the end of the days trading to close at 3066.66, showing a moderate gain of 22.50 over the previous close.

The broadbased National Index also moved up by 8.05 points to 1371.75 against yesterdays close of 1363.70.

The Bombay Stock Exchange-200 and Dollex indices also closed higher yesterday by 1.79 and 0.84 points against yesterdays close of 302.35 and 140.88 points respectively.

The market opened at 9am and closed at 2pm to facilitate badla trading afterwards.

The Bombay Stock Exchange will remain closed on November 8 and 9, and will remain open on Sunday for muhurat trading between 6pm and 8pm.

The stock exchange will remain closed on November 11 and November 12 for Diwali, market sources said.

Domestic institutional investors, mainly Life Insurance Corporation and Unit Trust of India, reportedly made some purchases at select counters, sources said.