Return
to Story Page
To print: Select File and then Print from your
browser's menu
Our Market Bureau
Mumbai, Oct 22: Trading on the National Stock Exchange (NSE) was marked by hammering at the Hindustan Lever counter which led to the scrip falling by Rs 51.28 to close at Rs 1597.50 against its previous close of Rs 1661.It was rumoured that a top FII which has been in the news for heavy selling recently, sold 1 lakh HLL shares on Thursday. A total of 2.5 lakh shares of the scrip were traded. The fall in HLL was balanced out by some heavy FII purchases at the ITC, Zee Telefilms and Stayam Computer counters, said brokers.
In the final analysis, the S&P CNX Nifty index closed 2.90 points up at 811.60 before touching a low of 805.70, very near its all time low.With the Bombay Stock Exchange remaining closed, the overall mood remained lacklustre as trading volumes on the exchange remained low at Rs 1,168.94 crore.
Thanks to the heavy selling at the HLL counter, FIIs remained net sellers to the extent of Rs 15.02 crore, while the domestic institutions were net sellers to the tune of Rs 4.50 crore. The grosssales by FIIs stood at Rs 43.60 crore, while the gross purchases were placed at Rs 28.58 crore.UTI is rumoured to have bought heavily at the counter of Reliance which saw the price of Reliance move up to Rs 106 as against its previous close of Rs 101.30.
Some foreign funds are rumoured to have picked up Pentafour Software, Satyam Computers, Zee Telefilms, MTNL, ITC and Bajaj Auto. ``The huge selling in HLL was more or less off-set by buying in Satyam Computers, ITC and Pentafour Software,'' said an NSE broker.
The S&P CNX Nifty has come down from 843.55 level on October 14 to 813.04 levels on October 22, a fall of 30.51 points or 3.6 per cent.
Tomorrow being the last day of settlement on BSE, the market is looking for some positive direction from BSE. ``The beginning of Samvat 2055 was bad to say the least. With the Sensex being debited by 90 points on Tuesday itself, the picture is disheartening'', said Ajai Doshi, a BSE broker.
Market participants also fear that Friday being the last day ofsettlement on BSE could see bear operators hammer the scrip prices further. Also with operators squaring up their positions, the Sensex might go down further, said a broker.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
------------------------------------------------------------
This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
------------------------------------------------------------