The Hindu : 101 point drop in Sensex

Online edition of India's National Newspaper
Friday, Sep 19, 2003

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Business

101 point drop in Sensex

MUMBAI SEPT. 18. Shares met with heavy all round selling and declined on the Bombay Stock Exchange on Thursday, pulling the Sensex sharply down by another 101.20 points to end at 4134.15.

A sharp decline in the Sensex could be gauged by the steep losses in 29 out of 30 index-based counters including heavyweights such as Reliance, Hindustan Lever, Infosys, SBI, Telco, Tisco, Grasim, Dr. Reddy's, Ranbaxy, HDFC, Hero Honda, ITC, L&T and MTNL. Only HPCL managed to close in the positive terrain.

Local funds continued to be all round sellers in the absence of any follow-up support from foreign institutional investors, causing prices to fall sharply. The market, which opened on a positive note, soon met with heavy selling and declined sharply to end with notable losses over the previous close.

Mirroring the trend, the BSE-30 share sensitive index opened slightly better at 4243.01 against 4235.35 and touched a high of 4251.54. Later, it met with strong resistance and dipped to a low of 4126.22 before closing at 4134.15, a fall of 2.39 per cent.

The broadbased BSE-100 index also dropped by 65.94 points to end at 2111.63.

Majority of public sector enterprises (PSEs) stocks remained in doldrums on heavy offerings by local funds and operators. As a result, the BSE-PSU index tumbled further by 106.23 points or 3.89 per cent to close at 2621.94. Cement, steel, banking and pharma stocks also suffered a fresh setback on profit-selling. In the specified group, 166 counters registered sharp to moderate losses while 24 others ended with gains.

The total volume declined further to Rs. 2,000.11 crores from Rs. 2,250.53 crores yesterday. Satyam Computer topped the highest traded securities with a turnover of Rs. 178.78 crores followed by Reliance Rs. 159.42 crores.

PTI

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