The Hindu : Business : Sensex drops 60 points on heavy selling

Online edition of India's National Newspaper
Tuesday, Oct 26, 2004

Business

Business

Sensex drops 60 points on heavy selling

MUMBAI, OCT. 25. Notwithstanding encouraging second quarter working results announced by top heavyweight, Reliance Industries, bear operators tightened their grip extending losses for the third session and the Sensex dipped by another 59.57 points to close below the 5600-mark at 5581.49 on the Bombay Stock Exchange here today.

The BSE-30 share sensitive index opened slightly lower at 5633.48 against last Thursday's close of 5641.06 and touched a low of 5573.19. Finally, it concluded near one-month low at 5581.49, a steep fall of 1.06 per cent.

Dealers attributed heavy offloading to slew of negative factors such as sustained rise in global crude oil prices, weak overseas advices and continued selling by local funds.

The impressive results posted by Reliance failed to boost sentiment as selling of long positions by operators just a few days ahead of the end of October contracts on Thursday in the Futures and Options segment weighed negatively, dealers said. New York's main contract, light sweet crude for delivery in December, hit a new all-time high of $55.67 a barrel in electronic trading.

Meanwhile on the Wall Street, the Dow Jones Industrial Average and the Nasdaq Composite Index tumbled by 107.95 points and 38.48 points last Friday. The Southeast Asian markets also ended sharply lower today.

The broadbased BSE-100 index dropped further by 40.09 points to 2978.43. — PTI

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