Tags:
Journalism of Courage
MUMBAI, December 9: Pivotals suffered a severe setback on the Bombay Stock Exchange today on heavy unloading by the foreign institutional investors (FIIs) mainly in ITC, Hindustan Lever and others. Sensex crashed by about 77 points. The session started subdued and share prices dropped as the session progressed before finishing slightly better at the end. The volume of business remained brisk and crossed Rs 1000 crore-mark.
The BSE senstive index slumped from the sessions’ high of 3485.01 to the intra-day low of 3367.89, before closing at 3391.59 with a sizeable loss of 76.60 points compared to the previous level of 3468.19. The BSE-100 index dropped by 28.75 points to 1474.21 from previous close of 1502.96.
Brokers said that FIIs sold heavily in pivotals like ITC, Hindustan Lever, Castrol and Colgate, creating panic in the market. While FIs made fresh purchases in SBI, Larsen, Tata Chemicals, Tata Steel and others.
Selling pressure was also attributed to the last day of current settlement on the NSE today. ITC recorded highest turnover of Rs 754.56 crore of the total volume of business of Rs 1302.02 crore followed by Reliance Rs 172.63 crore, SBI Rs 95.33 crore and Tata Tea Rs 61.50 crore.
On the NSE, equities led by ITC suffered heavy losses on sustained selling by speculators in the absence of domestic institutions for squaring up positions. The market witnessed high volumes in weak sentiment. The NSE-50 opened at 1008.50 and closed at 984.05, showing a loss of 24.75. The Midcap opened at 1137.15 and closed at 1124.20, showing a drop of 13.40 points. The total volume of business was Rs 1944.02 crore.
