The Hindu : Business / Briefly : Uptrend halted on BSE

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Wednesday, Oct 06, 2004

Business

Business - Briefly

Uptrend halted on BSE

MUMBAI, OCT. 5. The market snapped a four-session winning streak and ended moderately down by eight points in narrow movements on the Bombay Stock Exchange here today due to late selling pressure from domestic financial institutions.

Banking and public sector refinery stocks, however, stole the limelight on fairly heavy buying support during the second half of the session.

The BSE benchmark 30-share index opened lower at 5760.10 and later fluctuated in a range of 5786.54 and 5741.70 on alternate bouts of buying and selling before ending the day at 5758.67 against yesterday's close of 5766.30, a net fall of 7.63 points.

Foreign institutional investors, who reported net investments of Rs. 242.80 crores on Monday, were believed to be heavy buyers in banking sector and a few blue chip counters after the midsession. They also had reported heavy net purchases of Rs. 935 crores last week. The market is largely driven by increased FII activity but the higher levels attracted profit booking from domestic mutual funds, which pressed sales in the last thirty minutes of the session, brokers said.

Key counters including SBI, ICICI Bank, HPCL, Corporation Bank, Indian Overseas Bank, Chennai Petroleum, SCI, Kochi Refineries, Canara Bank, Andhra Bank and Syndicate Bank scored handsome gains on fresh buying support.

However, heavyweights such as RIL, Tata Steel, L&T, ITC, HLL Grasim, HDFC, Hindalco, Hero Honda, Infosys Technologies, Bajaj Auto, Dr. Reddy's Lab and Satyam Computer showed moderate losses.

The broad-based BSE-100 index, however, improved further to 3089.83.The volume of business was relatively high at Rs. 2,047.29 crores against Rs. 2,024.14 crores.

— PTI

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