Panic fuels selling on BSE

MUMBAI, FEB 18: Pivotals remained subdued on the BSE mainly on lack of support coupled with profit taking at higher levels. After a better spell, share prices declined towards the end on panic selling pressure. The closing rates showed further small widespread losses. The volume of business remained below normal.

The BSE sensitive index declined from the intra-day high of 3436.95 to 3387.32 before finishing at 3401.88 with a net loss of 11.48 points compared to the previous level of 3413.36. The BSE-100 index also lost 3.97 points from the previous level of 1469.12.

Brokers said that FIIs slowed down their purchases. Local operators too joined domestic institutions later, after mid-session, and sold heavily, particularly ITC shares as they were long in this scrip, when the market was flooded with rumours of bomb explosions in Ajmer and New Delhi, and even demolition of a mosque in Ajmer. The rumours made bulls panic and they attempted to square off their long outstanding positions.