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Sensex snaps 11-day long rally

MUMBAI OCT. 14. The Sensex snapped eleven-session long winning streak and dropped sharply to end with a fall of 67 points in volatile activity on Bombay Stock Exchange today on heavy selling pressure by domestic funds. After a strong start, heavyweighted counters came under pressure and crashed from their day's highs as local mutual funds led by Unit Trust of India reportedly resorted heavy sell-off in a bid to book profits at the higher price levels.

The BSE benchmark 30-share index that had rallied past 4900-mark at early stages, later met with a strong resistance and gradually moved downwards to a low at 4765.35 before ending at 4782.03 against yesterday's close of 4849.27, netting a fall of 67.24 points or 1.39 per cent. The broad-based BSE-100 index tumbled by 55.70 points to 2447.40.

The BSE barometer had risen by over 35 per cent during the year and shown a whopping 552.12 points or 12.85 per cent gains in one of the longest price rally for eleven sessions.

Terming the negative reaction as a necessary correction to the overheated market, markets sources said investors anticipate continued flow of foreign investments and were still confident that the market would hit the 5000-magic mark before the forthcoming festival of lights.

Foreign institutional investors have made net purchases of Rs. 2560 crores in the first eight sessions of the month including Rs. 518 crores last Friday. Key counters such as RIL, HLL, Infosys Technologies, ACC, BHEL, ITC, BSES, GACL, Grasim, HDFC, HPCL, Satyam Computer, SBI, Tata Motors and Tisco recorded sharp falls. In the specified group, 153 including 20 index-based counters registered losses while 39 others closed with gains.

The BSE-200 and the Dollex-200 were quoted down at 606.91 and 221.04 against 620.45 and 227.48 respectively. The BSE-500 dipped by 42.35 points to 1851.74 and the Dollex-30 to 861.16 from 877.89. The volume of business rose sharply to Rs. 2701.01 crores from Rs. 2396.45 crores.Satyam Computer were the top traded share with a turnover of Rs. 218.93 crores. — PTI

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