Business

Equities drift further

MUMBAI MARCH 22. Equities drifted downwards and the Sensex lost another 20 points at close in dull activity on the Bombay Stock Exchange today as operators pressed fresh sales in a bid to lighten commitments ahead of introduction of T+3 settlement system from April 1.

Foreign institutional investors, who also have slowed down activity, reportedly were consistent net buyers in second-rung stocks with their focus mainly on low-priced counters. Indian financial institutions, however, were conspicuous by their absence.

The BSE benchmark 30-share index started on an optimistic note at 3555.38 but later lacked lustre with speculators unhappy over the decision to start T+3 system which, in turn, would reduce the period for pay-in and pay-out, market sources said adding ``it will literally force them to take delivery of shares''.

The Sensex later fluctuated in an extremely narrow range and closed at 3516.11 against 3536.26, netting a loss of 20.15 points.

PTI

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