The Hindu : Business : Pivotals suffer sharp setback

Online edition of India's National Newspaper
Friday, Apr 30, 2004

Business

Business

Pivotals suffer sharp setback

MUMBAI, APRIL 29. Select heavyweighted stocks suffered a sharp setback after the overnight brief pause, pulling the Sensex down by 45 points at close in volatile activity on the Bombay Stock Exchange here today on heavy sell-off by operators in cash segment.

However, the market recovered part of its losses during the last one hour on short-covering in the Futures and Options at the concluding session of April contract.

The BSE benchmark 30-share index that had fallen by over 86 points to the intra-day low of 5626.41 after resuming weak at 5710.56, later recouped substantially to end at 5668.43 against yesterday's close of 5713.09, a net loss of 44.66 points. Attributing the sell-off, which was more pronounced in some old economy counters to last day of derivatives account, brokers said operators pressed heavy sales despite RIL's announcement of better-than-expected working results. RIL has become the first private sector Indian company to cross over $1 billion milestone in net profit by posting a 29 per cent surge in its 2003-04 consolidated net profit at $1.18 billion (Rs. 5,169 crores). Operators were busy doing arbitrage deals to make profits before squaring up positions in the derivatives, they added.

The broad-based BSE-100 index dropped further by 18.30 points to 3038.15. — PTI

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