Values react on profit-taking

MUMBAI, July 10: After a better spell, pivotals on the Bombay Stock Exchange BSE dropped on bull unloading and selling pressure by foreign institutional investors FIIs. The Sensex lost 26 points.

The BSE Sensitive index advanced further to the intra-day high of 4448 points as upsurge in prices continued at the initial stages but it fell back sharply to close at 4378.37 with a net loss of 26.32 points compared the previous level of 4404.69. The BSE-100 index also dipped by 7.82 points to 1896.83 from the previous close of 1904.65.

Brokers said the overall loss was mainly due to technical considerations of the market in view of the sharp uptrend in the last few sessions and also profit-taking ahead of the last session for the current settlement. The Sensex had risen by 650 points from June 1 onwards on sustained and heavy purchases by FIIs in index-based heavy weighted pivotals in spite of any positive factor and uncertain political situation in the country. Reliance recorded highest turnover of Rs 277.88 crore of the total volume of business of Rs 1002.15 crore followed by ITC of Rs 84.56 crore, Tata Steel of Rs 77.52 crore, SBI of Rs 67.54 crore and Tata Tea of Rs 58.89 crore. ITC lost Rs 4.50 at Rs 545, Reliance 50 P at Rs 363 and Tata Steel Rs 5.75 at Rs 216.On the National Stock Exchange, equites lost their early gains during the session and ended with small variations at the close. The NSE-50 index closed at 1239.15, showing an increase of 2.60 points. The Midcap index closed at 1314.20, showing a net gain of 15.20 points. The turnover was Rs 1888.75 crore.