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Journalism of Courage
MUMBAI, May 21: After a better spell, pivotals turned subdued on the Bombay Stock Exchange (BSE) today on profit-taking and selling by foreign funds triggered by reports of firing on the Indo-Pak border. Sensex lost 48 points. The closing rates showed widespread loss. The volume of business continued to be better.
The BSE sensitive index opened better at 3969.62 and touched the intra-day high of 3980.21 but turned weak after mid-session and dropped to 3889.98 before closing at 3908.79 with a net loss of 48.14 points compared to the previous level of 3956.93. The BSE-100 index dipped by 26.25 points to 1730.10 from the previous close of 1756.35.
Brokers said the market was better in the earlier part of the session on fresh buying but turned weak on news of firing at the Indo-Pak border and tensions as a fall out of the nuclear tests. Foreign funds reportedly sold shares of Satyam Computers and other pivotals. Nominal trading was witnessed by the domestic financial institutions. In view of prevailingconditions, the operators preferred to square off ahead of the last day of current settlement on May 22. The volume of business improved further by Rs 87.38 crore to Rs 1454.88 crore. On the NSE too share prices reacted sharply on emergence of profit-taking coupled with fresh selling by foreign funds.
The NSE-50 opened better at 1141.65 but declined steeply to close at 1126.15, showing a sharp setback of 15.15 points. The Midcap resumed higher at 1675.85 and closed at 1634.35, disclosing a steep fall of 40.85. The total turnover was Rs 2,165.85 crore.
