Wednesday, Mar 16, 2005
Wednesday, Mar 16, 2005 |
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MUMBAI, MARCH 15. Depressed conditions today tightened grip on the stock market and the Sensex drifted further down by 58 points at close in highly volatile trading as major stocks bore the brunt of selling by operators and domestic mutual funds. Foreign institutional investors, however, were believed to be selective buyers in steel shares. The BSE benchmark 30-share index opened on a promising note at 6815.59 and later fluctuated either-way between 6823.46 and 6730.23 before ending at 6752.45 against yesterday's close of 6810.04, a net loss of 57.59 points. Reliance group shares were the worst hit on sell-off triggered by news that the Government would continue the enquiry into the allotment of Reliance Infocomm shares to three unlisted firms at the rate of one rupee each. Domestic funds and operators continued to take profits due to approaching end of the current financial year. On the other hand, pharma counters and select key scrips attracted brisk activity on FII purchases. Tata Steel, Cipla, Dr. Reddy's, Essar Steel and ITC recorded smart gains. Sentiment was partly affected by slowdown in FII activity. — PTI
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