The Hindu : Business : Sensex drops in roller-coaster ride

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Thursday, Dec 21, 2006
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Sensex drops in roller-coaster ride

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MUMBAI: The Bombay Stock Exchange benchmark, Sensex, had a roller-coaster ride on Wednesday, but ended 42 points down on selling by wary operators on the back of sustained offloading by foreign funds despite positive Asian markets.

Foreign institutional investors normally indulge in heavy selling before going on long vacation ahead of Christmas, dealers said.

FIIs, who reportedly have been net sellers since last Friday, sold shares worth Rs. 823 crore in cash and withdrew Rs. 889 crore from Futures & Options on Tuesday, as per the provisional data with the bourses.

As a result, cautious operators and retail investors sold shares to book profits at higher levels, they said.

The BSE-30 share sensitive index opened firm at 13452.69 against Tuesday's close of 13382.01 and rallied to a high of 13568.09 on the back of positive Asian advices.

Thereafter, heavy selling pulled down the Sensex to a low of 13232.56. It later recovered some ground on buying by local mutual funds and closed at 13340.21, a net fall of 41.80 points or 0.31 per cent.

The broader S&P CNX Nifty of the National Stock Exchange also moved down by 16.45 points or 0.43 per cent to 3815.55 from the previous close of 3832.

Meanwhile, most of the Asian markets such as Hong Kong, Japan, Taiwan, South Korea and Singapore recovered overnight losses and closed higher. — PTI

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