The Hindu : Business : Early gains not held on BSE

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Friday, Sep 01, 2006

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Business

Early gains not held on BSE

MUMBAI: Firm Asian markets notwithstanding, the Bombay Stock Exchange benchmark, Sensex, ended 25 points lower in a volatile trading on Thursday, snapping a five-day gaining streak, on the concluding day of derivatives contract.

Operators and foreign institutional investors were believed to be engaged in squaring positions in the futures and options segment in the last one hour of the session. After touching the intra-day high of 11794.43 in early trade, the 30-share sensitive index later came under pressure and moved downward to end the day at 11699.05 against Wednesday's close of 11723.92. The Sensex had gained 317.27 points or 2.78 per cent in the last five trading days. The S&P CNX Nifty fell by 16.45 points or 0.48 per cent to 3413.90 from the previous close of 3430.35

Crediting early rally to a strong trend in Asian markets and indications of increased FII inflows, brokers said the market failed to sustain higher levels as investors squared up positions at the fag end of the day.

Foreign Institutional Investors (FIIs) too have stepped up activity in the last couple of sessions and reported fairly good purchases in the cash as well as the futures segment.

The market breadth has turned negative with 1,714 losers and 802 gainers of the total 2,586 traded shares. In Asian markets, the Nikkei ended up by 268.74 points, the Hang Seng by 107.56 points and the Kospi by 11.39 points. — PTI

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