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Journalism of Courage
MUMBAI, MAR 17: Share prices suffered a further setback on the Bombay Stock Exchange BSE today on emergence of selling pressure pushing down the Sensex by another 71 points. Barring some side stocks, pivotals generally remained weak, mainly on absence of speculative support and profit-taking by operators as well as domestic institutions.
The BSE sensitive index Sensex dropped sharply to the day8217;s high of 3783.77 to close at 3672.71 with a net loss of 71.47 points compared to the previous level of 3744.18. The BSE-100 index dipped by 32.24 points to 1618.16 from previous close of 1650.40.
Marketmen said FIIs were reportedly net buyers in select shares like Britannia, Ranbaxy, BASF, Pentafour Software and some others. However, domestic institutions sold shares of high priced scrips like Satyam Computer, ITC and several pharmaceutical counters but made fresh purchases in second rank shares.
As expected, operators and institutions pressed heavy sales in a number of shares as the current settlement wasleft with only one session in the light of a holiday tomorrow on account of quot;Gudi Padvaquot;. Operators were already having long positions in several counters on fears of a major political crisis at the Centre.
Barring some securities like Pentafour Software, HCL, Global Tele, Vindhya Tele, VSNL, MTNL, Glaxo, E Merck, Germ Reme, Park Davis, Smithkline, Novartis and Britannia, most of the heavy-weighted shares lost heavily in the selling-spree. Some of the scrips like Ranbaxy, Software Solutions, PSI Data, Ciba Speciality and Alfa Laval surprised marketmen by hitting the upward circuit filter in the bearish market, dealers said.
