ICE, PSU stocks pull down Sensex

On the other hand, ICE stocks fell further on sustained unloading. Software leaders like Infosys and Satyam remained under pressure. Silverline, Pentamedia, DSQ Soft and Rolta fell by 8 per cent. Zee Telefilm, Global Telesystems, SSI, HCL Info, Moser Baer, Computech, HCL Tech, Cinevista and Polaris also lost ground.

Sensex started at 4771.07, touched the day’s high of 4822.63, a low of 4687.31 before closing at 4721.70, showing a net loss of 72.46 points, or 1.51 per cent, from the previous close of 4794.16. The 50-share Nifty index of the NSE also lost 15.25 points to 1472.70.

“The government’s divestment plan announcements, which failed to meet the market expectations, spoiled the trading sentiment,” said a dealer, adding, being the last day of the trading in the current week, the market just needed a trigger to go on the `sell’ mode and the government announcement provided just the same.

Share of SBI, after remaining distinctly bullish bullish for the better part of the session reacted to late selling and gave up earlier gains to close a shade lower. The sentiment also changed in the Reliance counter which witnessed heavy selling.

But for a strong sentiment in the HLL counter, the loss in the Sensex would have much more. Amidst allround selling, the FMCG major gained Rs 152 to close at Rs 2806. According to market players, since the HLL scrip is entering the no-delivery mode on the BSE on July 3 for stock-spilt, the sentiment in the counter remained strong.