Stocks fall back again

PRESS TRUST OF INDIA

MUMBAI, APR 23: Equities lost their initial gains and even dropped further on the stock market today in the wake of late selling triggered by reports that Samajwadi Party (SP) would not support any political group including Congress in the formation of a new government at the Centre. Operators, who preferred to square up positions at the last day of the current settlement, resorted to fresh selling pressure in a bid to lighten their commitments as they felt mid-term polls were round the corner. Despite 105 scrips registering losses, the BSE sensitive index (Sensex) showed considerably wide movements in a range of 3449.23 and 3361.10, could remain around its previous levels in view of moderate gains by heavy weighted scrips like Hind Lever, ITC, MTNL, Nestle and Ranbaxy.

The Sensex closed at 3406.59 as against yesterday's close of 3408.74, netting a loss of 2.15 points. The BSE-100 index dipped by 7.10 points to 1481.85 from the previous close of 1488.95.

Dealers said foreign institutional investors(FIIs), as usual, were engaged in buying and selling, and were reportedly net sellers in BPL Ltd, Ranbaxy and some others, while domestic institutions and funds picked up shares of Dr Reddy's Lab, Cadbury, Britania and Reliance. Meanwhile, on theNSE, equities fluctuated in a narrow range on nervousness of the political developments and closed lower on distress selling. The S&P CNX Nifty edged up marginally by 0.35 to close at 982.00 after touching a high of 994.30 during intra-day trading. CNX Nifty junior closed with a loss of 17.15 points at 1789.30. The total turnover on the NSE was Rs 1,793.04 crore.

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