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Journalism of Courage
MUMBAI, NOV 12: Pivotals suffered a severe setback on the BSE today due to selling pressure by Foreign Institutional Investors (FIIs) as news of a fresh slide in Hong Kong stocks filtered in. The sensex crashed by 90 points.
The closing rates showed modest to sizable losses. The volume of business remained moderate. The sensex staged a recovery in the initial stage and rose to the intra-day high of 3739.04 but increased selling pressure dropped it to the day’s low of 3627.85 before finishing at 3633.18 with a loss of 90.22 points compared to the previous level 3723.40. The BSE-100 index also lost 35.17 points at 1573.23 from previous close of 1608.40. Brokers said that,the news of a fresh slide in Hong Kong stocks made the FIIs rush to square off their losses by booking profits in blue chips like ITC, Tata Tea, BHEL, MTNL and SBI and others. However, the domestic FIs continued to pick up stocks of heavy weighted index scrips like Tata Steel, Telco, Reliance, SBI and others. With the sentiment adversely affected by the reported crash in some of the global markets operators were once again hesitant to build new commitments.
Leading scrips witnessed a downslide on the National Stock Exchange (NSE) too as there was heavy selling pressure from foreign institutional investors (FIIs) and poor support from domestic funds. The NSE-50 index opened at 1073.30 and dropped to a low of 1042.35 but closed at 1045.00, showing a loss of 28.35 over the previous close of 1073.35. The Midcap opened at 1222.05 dropped to 1204.35 and closed at 1206.90, showing a loss of 15.40 over the previous close of 1222.30.The total turnover was Rs 1407.88 crore.
