Cyclicals lose initial gains

MUMBAI, DEC. 14. Key old economy stocks lost their early gains and some even recorded marked falls preventing the Sensex's upward march on the Bombay Stock Exchange today in the wake of late selling pressure from speculators as also foreign institutional investors.

Share prices tended to move upwards in the initial stages of the session on sustained buying support from speculators.

However, selling pressure reportedly by Unit Trust of India in cyclicals took operators by surprise forcing them to book profits at prevailing price levels.

Cement shares, however, bucked the general trend and scored handsome gains for the second consecutive session in the light of the Government's initiative to strengthen the infrastructure sector.

The BSE sensitive index opened better at 4297.44 and rose further to the day's high of 4332.65 before a sharp reaction that pushed it down to close at 4270.45 against yesterday's close of 4284.98, netting a loss of 14.53 points. The BSE-100 index also dropped by 29.23 points to 2230.23 from 2259.46.

Dealers said foreign institutional investors had turned sellers in IT stocks due to approaching year end.

- PTI

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Section  : Business
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