Sensex slips by 46 points

MUMBAI, March 11: Pivotals dropped on the Bombay Stock Exchange (BSE) today on bull unloading and profit taking at the higher lever, ahead of long weekend holidays. The sensex lost 46 points. Resuming subdued, heavy-weighted shares, led by multi-national companies, suffered sharp setback during the mid-session on reports that George Fernandes leader of Samta party, an ally of the Bharatiya Janata Party (BJP) has said that taxes would be increased on rich came as a shock to players who indulged in nervous offerings.

However, several scrips rallied at the end on short covering. The closing rates showed widespread small to modest losses. The BSE sensitive index opened slightly lower at 3791.11, dipped to a low of 3691.20 and recovered partly to close at 3752.09 with a net loss of 46.16 points from the previous close of 3798.25. The broad based BSE-100 closed at 1619.80, with a loss of 19.98 points from the last close. The volume of business increased to Rs 1290.98 crore.

Brokers said that the sensex droppedby over 107 points in the early session following a selling spree in almost all the scrips On the National Stock Exchange (NSE), pivotals slid further on lack of buying support from financial institutions. The NSE-50 index opened at 1086.65 touched day’s high of 1102.60, low of 1074.55 and closed at 1083.00 suffering a loss of 03.05 points against the previous close of 1086.05. The Midcap index finished at 1235.75 as compared to last working day’s close of 1232.85, decreasing by 02.90 points. The total turnover on the exchange was Rs 1710.72 crore.