Tech stocks dip on poor Nasdaq advices

MUMBAI, AUG. 10. The Bombay Stock Exchange turned somewhat depressed today in narrowly mixed trading and the benchmark fell marginally by 3.40 points to close at 3316.21 following stale liquidation in the absence of any worthwhile buying by foreign funds. Reflecting the range bound dealings, the BSE-30 share sensitive index opened at 3312.50 slightly lower from Thursday's finish of 3319.61 and was trapped in a limited breadth of 3335.71 and 3308.76 before closing at 3316.21. The BSE-100 index eased further by 5.63 points to 1554.65 against 1560.28.

Gains in index-based old-economy shares such as Reliance Industries, Reliance Petroleum, Grasim, SBI, Telco and L&T were offset by a sharp to moderate setback in Hindustan Lever, ITC, Infosys Technologies, Dr. Reddy's Lab, Cipla and NIIT, which forced the Sensex to close in the negative territory.Citing the dull and listless activity dealers said wary operators were not ready to make any fresh commitments at the prevailing stage and they were only doing squaring up business on day-to-day basis leading to sideways movements.

After downgradation of the local currency ratings by two international rating agencies, foreign institutional investors, the main driving force, also slowed down their purchases affecting market sentiment, they added.However, domestic institutions and funds were seen booking profits in select old as well as new economy shares. Majority of software counters displayed a weak trend due to bearish Nasdaq advices.

- PTI

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Section  : Business
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