Selling pressure on BSE

MUMBAI, NOV. 20. After initial firmness, equities beat a hasty retreat pushing the Sensex down by about 49 points at close on the Bombay Stock Exchange today due to selling pressure by operators as well as domestic funds.

Bulls, which have been active for the last few days, were believed to have shifted focus to mid-cap technology stocks or low priced counters. Led by IT bellwether Infosys that continued to attract interest, several second-line counters scored handsome gains on buying support from bulls as well as fairly good purchases by foreign institutional investors (FIIs).

The BSE benchmark 30-share index that pierced through the 3300- level rising to the day's high at 3326.76 at early stages, later met with strong resistance and dipped to 3223.99 before closing at 3231.66 as against yesterday's close of 3280.23, a net fall of 48.57 points.

Had it not been for the smart gains by Infosys that has high weightage in the index, the Sensex would have crashed below 3200- level.

- PTI

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Section  : Business
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