Share Prices Register Losses On Heavy Selling Pressure

The BSE Sensex yesterday closed at 3735.01, losing 33.29 points over its Tuesdays close of 3768.30. The fall was largely on account of selling in the Reliance and ITC counters.

Marketmen said that the no-delivery period in Reliance is coming to a close from Friday on BSE, and speculators who had earlier built up their positions in the counter are squaring-off their positions. The stock closed at Rs 291.75, losing Rs 4.25 over its overnight close of Rs 296. The ITC counter too faced a substantial amount of selling pressure. Even as the bottom-line of the tobacco major has improved, the market seems to have discounted the higher profits already. The stock fell by a massive Rs 20 to close at Rs 419.50.

 

The Sensex opened at 3766.03 which was the days high, fell to the days low of 3731.85 and finally closed at 3735.01 points. The IPCL scrip tumbled on heavy selling. Marketmen added that polymer prices worldwide are witnessing a downtrend. The Lakme and TVS Suzuki counters also continued to lose ground. Among the gainers was the Oriental Bank of Commerce counter which moved up on account of the ongoing no delivery period in the stock. There seems to be a reversal in the fortunes of the BoI as the stock continued its downward trend. It fell to Rs 59 during intra-day trade.

Market sources said that BSE authorities have already suspended trading in all the CRB scrips. Leading BSE broker said that such kind of financial scam would affect badly.

ITC topped the turnover list registering the highest of Rs 226.09 crore, followed by SBI Rs 122.16 crore, RIL Rs 39.77 crore, Tisco Rs 35.59 crore, and Telco Rs 26.06 crore. Hectic activity was also observed at the other counters like Orient Bank Rs 18.48 crore, IPCL Rs 8.33 crore, BSES 7.85 crore, HLL Rs 6.63 crore and Bajaj Auto Rs 5.34 crore.