MUMBAI, July 2: The selling pressure continued on the Bombay Stock Exchange on Thursday pushing the BSE Sensex down by another 50 points. Resuming on a steady note, pivotals reacted on unloading by the foreign funds and lack of local support. The closing rate showed widespread small to modest losses. The volume of business dropped while the closing undertone appeared weak.The Sensitive index declined from the inter-day high of 3229.95 points to below the psychological barrier of 3200-mark to finish at 3180.73 points, showing a net loss of 49.87 points over the previous close of 3230.60. The BSE-100 index lost 22.45 points to 1393.74 from the previous level of 1416.19. Brokers say the sentiment was mainly affected due to the political uncertainty in the Centre and the resultant selling pressure from the FIIs and speculators. There was not big activity in the market and the major counters witnessed selling pressure by the FIIs.
Though financial institutions have made small purchases in key scrips,operators and overseas funds avoided making fresh commitments. The volume of business was very low at Rs 549.55 crore as compared to yesterday's turnover of Rs 763.68 crore.
On the National Stock Exchange (NSE), pivotals dropped sharply on heavy bull liquidation and selling pressure in selected scrips by the foreign funds. The NSE-50 opened at 941.65, touched a low of 918.10 and closed at 919.90, showing a sharp fall of 22.35 points from the last close of 942.25. The total traded value was Rs 824.93 crore.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
