The Hindu : Equities turn weak on BSE

Online edition of India's National Newspaper
Tuesday, Jan 07, 2003

Business

Business

Equities turn weak on BSE

MUMBAI JAN. 6. After a promising start, equities turned weak and select heavyweight counters ended with marked falls pushing the Sensex in the negative territory once again on the Bombay Stock Exchange today on selling by domestic and foreign funds.

The BSE benchmark 30-share index opened better at 3364.72, which was also the day's high, and later dropped to a low of 3330.02 before ending at 3334.89 against last Friday's close of 3357.54, netting a loss of 22.65 points. The broad-based BSE-100 index eased by 8.05 points to 1653.69 from 1661.74.

Contrary to market expectations of fresh purchases by foreign institutional investors in the new fiscal for which they would be making fund allocations shortly, foreign funds reportedly pressed sales in key software counters inducing local institutions to book profits. Market sources cited the rising oil prices in international markets as one of the negative reasons.

Crude oil price spurted last weekend reportedly over worries about the impact on the U.S. oil stock levels of a strike in Venezuela, possible war in Iraq and cold weather in the U.S.

RIL, Tisco, MTNL, Satyam Computer, SBI, L&T, HPCL, BHEL and Bajaj Auto registered substantial losses. The pharma sector attracted some investment buying from institutional investors.

In the specified group, 143 including 22 index-based scrips registered losses while 52 others finished with gains.

The BSE-200 and the Dollex-200 were quoted down at 393.50 and 136.49 against 394.68 and 136.84 respectively. The BSE-500 eased by 4.37 points to 1173.57 from 1177.94 and the Dollex-30 to 570.41 from 574.04. — PTI

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