The Hindu : Business : Sensex sheds 76 points

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Wednesday, Nov 23, 2005

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Business

Sensex sheds 76 points

MUMBAI: The Sensex on Tuesday shed another 76 points in highly volatile session, extending its losses to the second straight day, as foreign institutional investors and operators focused their attention to rollover positions ahead of expiry of derivatives contract.

Discounting reports that the Left parties have agreed to consider the government's proposal to sell small stake in select profit-making non-navratna public sector enterprises, investors largely concentrated on squaring up long outstanding positions in the Futures and Options segment before the November contract came to an end on Thursday.

The Bombay Stock Exchange's benchmark 30-share index (Sensex) opened moderately down at 8602.82 and later moved erratically in a 146-point range between 8664.46 and 8518.18 before ending at 8534.97 against yesterday's close of 8610.74, a net loss of 75.77 points.

The Sensex had attempted a smart rally and even stayed in a positive terrain for a brief period during midsession before falling back sharply in the concluding one hour. Sentiment was also affected by discouraging trend in Asian markets.

The FIIs and operators were believed to be heavy sellers in blue chip shares while mutual funds made selective purchases.

Metal, oil and PSU stocks suffered a sharp setback while consumer durable shares attracted fairly heavy buying support.

Tata Steel, Hindalco, Essar Steel, Jindal Steel, Ispat Industries, RIL, ONGC, SBI, Maruti Udyog, BHEL, Dr. Reddy's Lab, HDFC, Tata Motors, TCS, Grasim, Ranbaxy, Reliance Capital and Satyam Computer recorded marked falls. — PTI

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