The Hindu : Business : Sensex sheds 64 points

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Wednesday, Nov 30, 2005

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Business

Sensex sheds 64 points

MUMBAI: The five-session long bull run was checked on the Bombay Stock Exchange on Tuesday as the Sensex suffered a sharp setback after breaching the 9000-mark on Monday and closed 64 points down in volatile trade due to fresh profit-selling at higher levels.

The BSE 30-share sensitive index opened firm at 9000.65 against 8994.94, but later fell sharply on fresh bouts of heavy selling and after touching a low of 8875.82, ended at 8931.16, showing a fresh loss of 63.78 points.

Since Wednesday last, the index had gained by a huge 396.19 points on heavy foreign institutional investor buying.

Reacting to Tuesday's fall in Sensex, the Union Finance Minister, P. Chidambaram, said the market movement was orderly, while brokers said a correction at this stage was much needed as it was a sign of a healthy market.

Weak Asian advices also dampened sentiment as the Hang Seng fell by 71.24 points, Nikkie by 59.24 points, Kopsi by 14.30 points, FTSE by 12.10 points and Tawain by 64.30 points.

Segment-wise, the major suffers were shares from the BSE-CG, BSE-Auto, BSE-FMC, BSE-PSU and Bankex on frantic offering, while, BSE-CD, BSE-Metal and BSE-oilgas closed firm.

Satyam Computer, ONGC, RIL, Tata Steel, Reliance Capital, ONGC, ACC, Ranbaxy and Cipla found some support and closed better. — PTI

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