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Sensex drops 39 points

MUMBAI: The Sensex suffered a marked setback on Thursday after an initial rally and ended 39 points down in volatile trading on the Bombay Stock Exchange on alternate bouts of buying and selling by investors.

Foreign institutional investors were believed to be buyers in select heavyweight counters while making good purchases in mid-cap and small-cap shares.

Operators, however, booked profits at the higher levels correcting the market downwards, which was in an overbought zone.

The BSE 30-share index opened moderately up at 7345.98 and later fluctuated erratically in a range of 7380.69 and 7275.59 before ending the day at 7304.32 against Wednesday's close of 7342.89, a net fall of 38.57 points.

The FIIs reported net investments of Rs. 388 crore in equity on Tuesday, taking the total net purchases to over Rs. 4,200 crore so far in July. Operators and retailers reportedly were heavy sellers in heavyweight counters at higher levels.

Key stocks such as ITC, L&T, Infosys Technologies, Grasim, Hero Honda, Tata Motors, TCS, SBI, Wipro, Bajaj Auto, REL and Ranbaxy registered sharp falls due to selling pressure.

However, Satyam Computer, HDFC, HDFC Bank, Bharti Televentures, Maruti Udyog and Hindalco showed marked gains on fresh buying support from institutional investors. — PTI

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