The Hindu : Business : Sensex drops 42 points on FII selling

Online edition of India's National Newspaper
Wednesday, Jul 28, 2004

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Business

Sensex drops 42 points on FII selling

MUMBAI, JULY 27. After showing signs of a rally, the market came under heavy pressure and ended 42 points lower in an otherwise scrip-specific activity on the Bombay Stock Exchange today as foreign institutional iInvestors resorted to selling pressure at the fag end of the session.

Snapping its four-day gaining streak, the BSE benchmark 30-share index met with a strong resistance after rising to the day's high of 5155.63 at early stages and gradually moved downwards to end at 5075.88 against yesterday's close of 5118.17, netting a fall of 42.29 points.

The FIIs, who were generally engaged in reshuffling their portfolios and reported net inflow of Rs. 720 crores so far in the current month, turned heavy sellers after RIL announced encouraging first quarter results during the trading session.

Selling was more pronounced in heavyweighted counters such as RIL, SBI and MTNL. Operators, however, maintained low profile but covered short positions in select counters ahead of the expiry of July Contract in derivatives, market players said.

Others including Bajaj Auto, ACC, BHEL, GACL, Hero Honda, ONGC, Satyam Computer, Tata Power, HDFC and Tata Motors also recorded sharp falls due to selling pressure.

However, Tisco, Zee Telefilms, Infosys Technologies, Hindalco and HPCL showed smart gains. eanwhile, the central bank has said that the shareholders capital and reserves of the failed Global Trust Bank will go towards providing for the bank's bad debts, indicating that they would not get anything after the amalgamation of bank's business with Oriental Bank of Commerce. — PTI

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