Bearish trend in Lyons Range

By A Special Correspondent

CALCUTTA, APRIL 16. Bulls made their presence felt last week with prices on the Calcutta Stock Exchange staging a spectacular recovery which gained strength in the first three days of trading after the dismal performance in the previous week. The recovery, embracing a broad spectrum of shares, was so energetic that marketmen started feeling that the worst was over and share prices were set for a decided fast recovery. Commentators went a step further to proclaim that the bourses would henceforth be guided more by economic fundamentals and other factors at home.

But then came the deluge towards the close of the week when a fresh crash in the Nasdaq after a steep fall in share prices in the global markets let off repeated bouts of selling pressure. Under the impact, nervous bulls sought cover and liquidated their holdings relentlessly forcing prices on a steadily downward trend.

The market remained closed on Friday on account of Bengali New Year. The business volume which had improved profusely in the initial stages dipped somewhat thereafter.

In the wake of the recovery in prices, with the infotech group providing the lead, the representative indices also staged a smart comeback. The CSE's 40-index eased to close at 2148.45 points after recovering to 2286.48 from 2251.69.

While the majority of shares showed losses, infotech and software counters finished modestly above the previous week's closings because of the sharp recovery recorded in the first three sessions.

The cash listed shares by and large remained sluggish and movement in their values was mostly dictated by the fluctuations in the specified group because of investor reluctance to effect worthwhile purchases in the prevailing situation in the market.

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Section  : Business
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