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This is an archive article published on August 11, 1998
Pivotals suffer setback
MUMBAI, Aug 10: Pivotals suffered yet another setback on the Bombay Stock Exchange following hectic selling pressure by the foreign funds...
MUMBAI, Aug 10: Pivotals suffered yet another setback on the Bombay Stock Exchange following hectic selling pressure by the foreign funds in view of crisis in the Asian market and prevailing political situation in the country. Sensex dropped by 42 points. Resuming subdued, share prices declined as the session progressed on increased selling pressure. The volume of business remained below normal and the closing undertone appeared weak.
The BSE Sensitive opened lower to 3056.22 and gradually declined further during the latter part of the session to 3017.33, before closing at 3020.71 with a net loss of 41.54 points as against the previous close of 3062.25 points. The BSE-100 also came down to 1351.05, losing 13.80 points over the previous close of 1364.85.
Brokers say the warning issued by AIADMK to the Vajpayee government on the Cauvery water issue caused the downfall in the share prices. The business volume was thin despite the continuous buying spree by the domestic institutions, particularly by theUTI.
The squaring off business by operators was attributed to the end of account on the National Stock Exchange NSE tomorrow. Foreign funds pressed sales in key scrips like ITC, Hindustan Lever and Castrol. Financial institutions, however, picked up small lots of shares of Tata Tea, SBI, Telco, Gujarat A Cement, BHEL and Tisco. The volume of business was lower at Rs 727.80 crore.
On the NSE, share prices declined further on renewed offering by operators. The Samp;p Cnx nifty index started weak at 895.15 and fell further to close at 878.75, showing a notable fall of 16.80. The market witnessed transactions worth Rs 996.86 crore.
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