The Hindu : Sensex drops 87 points on selling

Online edition of India's National Newspaper
Saturday, Sep 13, 2003

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Sensex drops 87 points on selling

MUMBAI SEPT. 12. Share prices met with allround selling by operators and local funds soon after a firm start and turned sharply weak on the Bombay Stock Exchange today, sending the benchmark steeply down by 87.22 points to close at 4305.91.

Continued long bull liquidation and profit-taking by local funds and operators were the reasons for the slump, a dealer said. Barring a few second-line new economy shares that survived to close in the positive terrain, majority of scrips from other segments suffered sharp to moderate setback, he said.

Stocks of public sector enterprises bore the brunt of institutional selling and ended with steep losses. A downslide in the Sensex could be gauged by sharp fall in 29 out of 30 index-based shares including heavyweights such as Reliance, Hindustan Lever, Infosys, SBI, ITC, Grasim, Dr. Reddy's, HCL Technologies, Satyam Computer, MTNL, Ranbaxy, Telco and Tisco. Only BHEL closed with gains.

The BSE-30 share sensitive index opened firm at 4407.72 against yesterday's close of 4393.13 and immediately touched a high of 4437.

Later, it met with strong resistance at that level and dipped to a low of 4297.71, before concluding at 4305.91, revealing a fall of 1.99 per cent. Similarly, the broad-based BSE-100 index dropped by 56.95 points to 2271.44. Most IT shares, which were in the limelight at early stages following higher Wall Street advices, reacted on heavy sell-off. The Dow Jones Industrial Average and the Nasdaq Composite Index ended higher yesterday.

The BSE-200 and the Dollex-200 were quoted lower at 563.31 and 204.86 against 576.78 and 210.03 respectively. — PTI

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