Indo-Pak tension triggers selling in stocks

MUMBAI, OCT. 3. Stocks, led by IT bellwether Infosys Technologies and old economy heavyweight Reliance Industries, came under a fresh onslaught bringing the Sensex down by about 40 points at close on the Bombay Stock Exchange today on late selling pressure.

Selling was triggered by fears of renewed tension between India and Pakistan following a statement by the Jammu and Kashmir Chief Minister, Mr. Farooq Abdullah, that the centre should launch an open war against Pakistan.

Select key cyclicals such as ACC, Grasim, HLL, Telco and ITC, however, scored handsome gains on fresh purchases by domestic mutual funds led by Unit Trust of India.The BSE sensitive index opened better at 2802.24 and even attempted a mild rally rising to the intra-day high of 2808.45 at early stages in response to a strong turnaround on the Wall Street yesterday. It, however, fell back and gradually moved downwards on selective selling by institutional investors and closed lower at 2754.95 against Monday's close of 2795.30, a net fall of 40.35 points.

- PTI

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Section  : Business
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