Sensex falls 81 points after six-day rally

Bulls finally beat a hasty retreat on Wednesday. After a six-day rally, stocks markets corrected sharply as selling pressure emerged after r...

Bulls finally beat a hasty retreat on Wednesday. After a six-day rally, stocks markets corrected sharply as selling pressure emerged after recent gains. Up nearly 30 points in early trades, the 30-share BSE Sensitive Index eventually ended with a loss of 81.26 points, or 1.87 per cent, at 4,257.94.

Sensex had gained nearly 335 points in the previous six sessions. The NSE S&P CNX Nifty Index also shed 26.10 points to settle at 1,359.35.

The market displayed marked volatility: it rose firm in the morning and moved in a narrow range for a good part before losing ground in the second half of the session.

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Said a dealer, “The mood appeared almost panic-like as investors rushed to sell almost across the board in the last one hour of trading.” The market had gained sharply in the previous six straight sessions despite the twin bomb blasts in Mumbai last Monday. “The correction is healthy for the market, and will give an opportunity to investors to acquire stocks at lower levels,” said dealer Pawan Dharnidharka.

Tata Motor (down 3.89% to Rs 276.95), Grasim (down 3.55% to Rs 613.20), ACC (down 3.22%to Rs 213.30), Gujarat Ambuja Cements (down 2.67% to Rs 230), L&T (down 2.60% to Rs 293.95), Hindustan Lever (down 3.13% to Rs 185.95), Reliance Industries (down 2.47 % to Rs 407.20), State Bank of India (down 1.84% to Rs 432.65) and ITC (down 1.88% to Rs 832) figured among the major losers on selling pressure.

Infosys Technologies (down 1.66 per cent to Rs 3,815.90), Satyam Computer (down 2.52 per cent to Rs 237.60), Cipla (down 3.13 per cent to Rs 991.65), Dr Reddy’s Labs (down 2.19 per cent to Rs 1,107.45).

Sharp rise in Morepen stocks raises doubts

MUMBAI: The sharp rise in Morepen Labs — which has defaulted on fixed deposit repayment — has raised eyebrows in the market. The stock remained frozen at the 5 per cent lower limit of the circuit breaker at Rs 16.35 on Wednesday. It had touched a high of Rs 18.05 earlier in the day. The stock had shot up by nearly 100 per cent since August 20. Said a dealer, “there were no takers for the stock at around Rs 8 levels till last month.” Speculation is rife that circular trading was being undertaken on the counter by a couple of Kolkata operators and a small group of Mumbai brokers.
Meanwhile, it said that the Company Law Board had approved its repayment schedule for fixed deposit holders. As part of its debt-restructuring plan, MLL had submitted a rescheduling plan for the fixed deposit amount to Rs 162 crore involving 80,000 deposit holders. CLB passed an order to approve the repayment schedule for the FD holders submitted by Morepen. (ENS)

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