Sensex declines by 48 points

April 8: Pivotals led by software scrips remained subdued on the Bombay Stock Exchange BSE today in the absence of buying support coupl...

April 8: Pivotals led by software scrips remained subdued on the Bombay Stock Exchange BSE today in the absence of buying support coupled with selling pressure.

Sensex BSE sensitive index declined from the opening level 3582.35 to the day8217;s low of 3523.80 before closing at 3538.17 with a net loss of 48.63 points compared to the previous level of 3586.80. The BSE-100 index dropped by 18.94 points to 1555.10 from previous close of 1574.04.

Marketmen said the sentiment was affected due to continued selling pressure from operators and lack of support from institutional investors. Speculators were hesitant to continue with their long outstanding positions in the prevailing fluid political situation and preferred to get out of their commitments till a clear political picture emerged.

Foreign institutional investors FIIs too slowed down their purchases foreseeing political instability leading to further problems for the economy that is considered to be in bad shape. Of the 149 specified scrips, only 29shares showed moderate gains on buying support, particularly in the form of squaring up of positions.

The total volume of business was substantially lower at Rs 1107.84 crore against yesterday8217;s turnover of Rs 1776.32 crore. Pentafour Software again clocked the highest turnover of Rs 208.11 crore. Pentafour Software dropped by Rs 19 to Rs 1173, Satyam Computer by Rs 63 to Rs 1489, Digital Equipment by Rs 9.50 to Rs 418, Silverline by Rs 17.70 to Rs 256.70, Hindustan Lever by Rs 33.25 to Rs 2199, Reliance by Rs 1.60 to Rs 123.90, SBI by Rs 4.30 to Rs 180 and Telco by Rs 5.20 to Rs 149.50 on selling pressure.

Pivotals witnessed a gradual decline at the National Stock Exchange NSE today. Reflecting the mixed trend, the Samp;P CNX Nifty index opened at 1033.00 points, touched the day8217;s high of 1036.95 points and fell to the day8217;s low of 1015.30 points before closing at 1020.35 points, showing a net loss of 10.70 points from the previous close of 1031.05 points.