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Partha Pratim Sinha
Mumbai, Sept 16: Even as exit poll shows BJP-led National Democratic Alliance surging ahead, the marketmen in Mumbai bourses fear otherwise. They apprehend that it may not be a cakewalk victory for BJP and its coalition partners. With this feeling gaining currency saw a near-panic situation with Sensex registering a fall of 90 points on Thursday.
A host of factors like the Rs 103 crore net FII outflow on Wednesday and the 2.34 per cent decline in the GDR index during the mid-session on Thursday have added to brokers' cup of sorrow.
On Thursday, the BSE Sensex closed at its low of 4,571.09 points, showing a net fall of 89.95 points against Wednesday's close of 4661.04 points. The S&P CNX Nifty on the NSE shed 23.50 points and closed at 1351.20 against its previous close of 1374.70.
According to Sajjan Desai at Kisan Ratilal Choksey Shares & Securities, ``It's not the all-India opinion polls that is affecting the market sentiment, but the opinion polls in the UP is doing the damages.'' Since prospects ofthe NDA is not being projected to be very bright in UP, which sends 85 MPs to the Lok Sabha, the marketmen are feeling uncomfortable, explained another dealer with a domestic broking house.
And some feel Friday is very crucial for the market. According to Rajiv Sampat at Parag Parikh Financial Advisory Services, ``In case the markets stay firm on Friday, we are likely to see some sideways movement for the next few days. Otherwise, the markets would be witness to some all-round selling.''
On Thursday, the sentiment was clearly negative and selling was witnessed almost at all the counter. Barring 15 stocks, other stocks in the group A on the BSE showed a negative close. As for the Sensex based stocks, if one were to leave out Infosys and NIIT, all the major Sensex-based counters showed a significant loss which was clearly reflected in a 89-point fall.
SBI, HLL, ITC, Reliance, Bhel, Telco and Ranbaxy were the main index damagers. The fall on SBI counter was accompanied by higher volumes. Telco, and Bhelalso acted in a same manner.
Among the other bank stocks like Bank of Baroda, Bank of India and Oriental Bank of Commerce also closed lower. The fall was very sharp in Bank of Baroda and the scrip hit the lower circuit. Coporation Bank was the only bank stock which showed a positive movement. In fact, it remained at the circuit throughout the day.
The position of cement stocks was equally bearish. ACC and L&T led the pack. However, for one more day, Grasim showed a positive close, indicating a very strong under current. Alongwith Telco, Ashok Leyland too showed a sharp fall, and hit the lower circuit.
Other counters were lower circuit was witnessed were: Apollo Tyres, Ballarpur Industries, and Raymond. Stocks like Atlas Copco, Baush&Lomb, Bombay Dyeing, BSES, Century Textile, Punjab Tractors, Sesa Goa, and Tata Chemicals showed a fall of more than four per cent.
At the same time, Bharat Forge, BPCL, Grasim, Gujarat Gas, Phillips, SSI, Titan Industries, and Zee Telefilms remained firm, and showed apositive close.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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