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Journalism of Courage
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This is an archive article published on June 3, 1998
Sensex falls 69 points
MUMBAI, June 2: Budget blues continued on Tuesday with the pivotals led by ITC crashing further on the Bombay Stock Exchange BSE. Fresh se...
MUMBAI, June 2: Budget blues continued on Tuesday with the pivotals led by ITC crashing further on the Bombay Stock Exchange BSE. Fresh selling by foreign funds coupled with heavy bull liquidation, pushed the Sensex down by over 69 points.
The BSE Sensitive index slumped from the day8217;s high of 3646.36 and dropped below the psychological barrier of 3600 mark and touched the day8217;s low of 3540.61 before finishing at 3573.21 points, thus with a net loss of 69.47 points as against the previous close of 3642.68 points. The BSE-100 index lost 34.52 points to 1594.48 from the previous level of 1628.00.
Brokers said that bull operators who had long-term positions in view of high budget expectations8217; were now pressing sales in index-based scrips. Besides, this last day of settlement on the National Stock Exchange NSE also forced the players to square off their positions. Total turnover on the BSE was Rs 1695.14 crore. ITC displayed highest business volume of Rs 393.93 crore.
The partial recovery towards theend was attributed to the government8217;s clarification in parliament that the increase in the price of petrol would be limited to Rs 1 per litre and necessary instructions had been issued to bring the price back to normal8217;.
On the NSE, pivotals exhibited a further downslide due to selling pressure by operators at the last day of current settlement. The NSE-50 index lost 34.15 points to 1019.60 against the previous close of 1053.75. The Midcap index crashed by 84.95 points to 1526.30 as compared to the last working day8217;s figure of 1611.25 . The total turnover was Rs 2,281.20 crore.
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