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Sensex drops 22 points in scrip-specific activity


MUMBAI, FEB. 2. Equities once again witnessed erratic movements after a firm start and the Sensex ended down by 22 points in scrip-specific activity despite the hike in foreign direct investment cap in telecom sector to 74 per cent and upgradation of India's long-term foreign currency rating by Standard & Poor's.

After early signs of a rally, the BSE benchmark 30-share index later came under pressure and fluctuated between 6600.25 and 6509.92 before ending the day at 6530.06 against yesterday's close of 6552.47, a net fall of 22.41 points.

Crediting initial price rally to strong foreign institutional investment inflows on the first trading day of week, brokers said the market later showed either-way movements on alternate bouts of buying and selling as the euphoria over Monday's heavy FII inflows of Rs. 895.30 crores was short-lived. The FIIs have pumped in over Rs. 1,726 crores in the last three sessions from January 27.

The FIIs were believed to be heavy buyers in select counters, particularly in telecom scrips, while operators and traders were seen taking profits at every price rise.

Meanwhile, the upgradation of India's long-term foreign currency rating by one notch to `BB+', with a stable outlook by Standard & Poor's and the Government's decision to hike FDI cap in telecom sector to 74 per cent from 49 per cent failed to have any desired impact on the market. RIL, Tata Motors, HLL, HDFC Bank, Bajaj Auto, Ranbaxy, Satyam Computer, Wipro, HDFC and ITC recorded marked falls. — PTI

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