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This is an archive article published on February 10, 1998
Pivotals remain subdued
MUMBAI, Feb 9: Pivotals remained subdued on the Bombay Stock Exchange BSE on Monday due to absence of speculative support. The new account...
MUMBAI, Feb 9: Pivotals remained subdued on the Bombay Stock Exchange BSE on Monday due to absence of speculative support. The new account started steady and share prices declined towards the end on lack of institutional support. Sensex lost 18.35 points.
The BSE Sensex opened lower at 3359.47, touched the day8217;s high of 3371.61, before closing at 3348.35 points, recording a small loss as compared to the previous level of 3366.70. The BSE-100 also lost 7.16 points to 1441.72 over the previous close of 1448.88.
Brokers say the downtrend was due to sustained selling pressure from bull operators and absence of FIIs on opening day of current settlement. The NSE operators were the main sellers while the FIIs and domestic institutions adopting a wait-and-watch attitude till the end of Lok Sabha elections.
The higher interest rates and the lower figure of export growth at three per cent have kept FIIs away from making fresh commitments. The total turnover dropped to Rs 660.18 crore.
On the NSE, share pricesreacted marginally on fresh selling pressure. The NSE-50 index, after a weak start at 977.55, improved to 980.75. Later, it fell to 973.10 and closed at 976.10, showing a mild fall of 1.55 over the last close of 977.65.
The Defty opened weak at 875.30 and improved to 877.90. Later, it closed at 872.90, revealing a loss of 2.70 from the last close of 875.60. The Midcap index started better at 1081.70 but declined to close at 1074.80, disclosing a fall of 6.55 from the last close of 1081.35. The total turnover was lower at Rs 938.02 crore.
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