Mumbai, May 8: Reflecting the weak undertone in the market, the BSE Sensitive Index moved in a narrow band of 4,014.72 to 4,056.46 points, the intra-day low and high respectively, in the absence of institutional support. The last day of the trading cycle on the BSE saw the Sensex close at 4,022.20 points, register a net loss of 47.59 points. The Nifty index fell by 10.90 points to close at 1,161.55 points."There was a consolidation of the wide fluctuations that we have been witnessing over the past two weeks. But now the market will be resilient and there would not be much downside from here," said Apple Asset Management senior manager, equity research, Hitesh Zaveri.
Absence of adequate buying support from domestic and foreign institutions saw most pivotals and heavyweights trade in a lacklustre zone. Market sources say, select FIs, led by UTI, continued to press heavy sales at higher levels due to redemption pressures. Shares of MTNL, Hindalco and Indian Rayon reported institutionalsales.
"Technically, the market has entered into a subdued zone, where only sustained institutional buying can provide support," said a BSE broker. Sources said the 4,022 level was a crucial point.
The Big Bull's favourite counters, however, moved in the opposite direction. Videocon International and SAIL registered sharp gains of 7.66 per cent and 4.30 per cent respectively on the BSE, with Videocon International touching a new 52-week high of Rs 113.90 to close at the same level.
Decliners beat advances by over 100 per cent on the NSE, which, according to technical analysts, signals the beginning of a bear phase on the bourses.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
