Early gains not held on BSE

MUMBAI, OCT. 29. Equities lost their initial gains and select key counters even posted moderate losses pushing the Sensex down by about 13 points at close on the Bombay Stock Exchange today on late onslaught by domestic financial institutions.

Foreign institutional investors, who have slowed down their activity and increased their sales last week, generally were sidelined. The net investments by FIIs had fallen to Rs. 47 crores in three days between October 22 and 24 against Rs. 137 crores in the preceding week.

The BSE benchmark 30-share index opened marginally up at 3028.71 and attempted a mild rally rising to the day's high at 3063.90. However, pressure from local funds brought the Sensex down to close at 3009.33 against last Friday's close of 3022.16, a net fall of 12.83 points The broad-based BSE-100 index was fractionally down at 1402.45 against 1402.85.

Partly attributing the early upsurge in stocks to the bullish mood in New York, particularly technology scrips that rallied on the assumption of an economic recovery for next year, market sources said a discouraging trend in Asian markets adversely affected sentiment.

In the Southeast Asian markets, the Nikkei tumbled by 182.85 points, Hang Seng by 226.68 points and Singapore ST index by 17.51 points at close.

The second-line stocks, however, witnessed fairly good activity and several of these counters recorded smart gains.

- PTI

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Section  : Business
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