The Hindu : Business : Restricted deals on bourses

Online edition of India's National Newspaper
Wednesday, Nov 10, 2004

Business

Business

Restricted deals on bourses

MUMBAI, NOV. 8. Tired bull liquidation today pushed the Sensex to the negative terrain to end at 5929.60 on the Bombay Stock Exchange in the absence of follow-up buying support and aborted a two-session smart rally. Activity was at a low ebb and volumes relatively restricted ahead of the festival season, dealers said.

The BSE-30 share sensitive index opened slightly better at 5937.34 against yesterday's close of 5930.47 and after moving side-ways in early stages, rallied to a high of 5957.94. But, afternoon trade witnessed hesitant narrow two-way movements with a mild downward bias, as fag end profit taking pushed down the index to a low of 5910.41, before settling at 5929.60.

Dealers attributed the initial rally to consistent buying by foreign institutional investors who reportedly picked up shares worth Rs. 840 crores over the last week. FII investments already crossed the $6 billion mark, till November 5, and might cross last year's record of $6.6 billion before the year-end.

Pharma, public sector undertakings (PSUs) and auto counters were among the main sufferers while some the banking stocks also attracted profit taking. Meanwhile, select software scrips attracted institutional buying support at current lucrative levels. As a result, the BSE-IT index improved by 21.58 points to 2495.12.

The broad-based BSE-100 index eased by 4.42 points to 3156.57.— PTI

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