Sensex makes small loss

MUMBAI, June 18: After a firm spell, pivotals on the Bombay Stock Exchange BSE reacted sharply on emergence of profit-taking coupled with...

MUMBAI, June 18: After a firm spell, pivotals on the Bombay Stock Exchange BSE reacted sharply on emergence of profit-taking coupled with selling pressure at the higher level. The Sensex which touched the new peak at 4148.86 dropped to finish with a small loss.

The BSE sensitive index started higher at 4095.84 and spurted to cross the 4100-mark and touched 4148.86 during the mid-session. However, the Sensex turned weak thereafter on increased selling pressure to finish at 4082.50 with a net loss of 5.14 points compared to the previous level of 4087.64. On June 17, 1996, the Sensex touched 4131.22. The BSE-100 index also declined to finish at 1751.26 with a marginal gain of 2.33 points.

Brokers said fresh rally in pivotals was shortlived and speculatives, barring select scrips, showed moderate losses due to profit-taking at higher levels by local operators and financial institutions. However, FIIs continued to make purchases in Tata Steel, Telco, MTNL, Dr Reddy8217;s and Kirloskar Cummins shares.

Tata Steel was in the limelight with a sharp rise upto Rs 198 on good buying support from operators as well as FIIs. The statement made by the Minister for Petroleum and Natural Gas, Janeshwar Mishra that the decision on petro price rise would be taken by the month end and it would be a quot;painlessquot; hike, boosted the sentiment during the earlier part of the session, however prices turned subdued thereafter on selling pressure. The uptrend was also due to speculative buying on the National Stock Exchange following the start of the new account.

SBI remained the most active scrip with a turnover of Rs 241.56 crore of the total volume of business of Rs 1034.32 crore followed by Reliance Rs 146.50, ITC Rs 139.75, Tata Steel Rs 108.82 and Telco Rs 67.46 crore.

Tata Steel firmed up smartly by Rs 13.75 at Rs 193.75 on speculative buying. SBI lost Rs 1.50 at Rs 338 and Reliance Rs 2 at Rs 321 on profit-taking. In the cash group, Infosys Tech shot up by Rs 122.25 to Rs 1914, Kirloskar Cummines Rs 20.75 at Rs 447.25, KSB Pumps Rs 20.25 at Rs 248.25 and Cyanamid Rs 20.75 at Rs 497 on buying support.

On the NSE, share prices rose sharply on the first day of the current settlement following brisk buying activity at higher levels. The NSE-50 index shot up by 21 points to close at 1159.80.

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The Midcap index closed higher at 1187.80, revealing a good gain of 18.90. The total turnover was Rs 1,859.77 crore.