The Hindu : Equities drift further

Online edition of India's National Newspaper
Wednesday, Oct 02, 2002

Business

Business

Equities drift further

MUMBAI OCT. 1. Share prices drifted further lower pushing the Sensex down by 32 points at close on the Bombay Stock Exchange today on heavy selling by foreign institutional investors as well as domestic financial institutions.

The BSE benchmark 30-share index opened lower at 2976.04 and gradually moved further downwards to the intra-day low of 2948.75 before ending at 2959.66 against 2991.36 yesterday, netting a loss of 31.70 points or 1.06 per cent. The broad-based BSE-100 index dipped by 11.17 points to 1462.71 from 1473.88.

Brokers said the FIIs who have been net sellers in the past several days, reportedly pressed heavy sales in key counters, particularly in software sector in view of continued slide in global stocks.

The Dow Jones Industrial Average dropped by another 109 points yesterday.

The market has discounted positive factors such as RIL's encouraging performance in 2001-02 and expectations of higher-than-projected second quarter working results by Indian IT companies, they added.

Institutional investors seemed to have targeted key index-based counters such as HLL, RIL, Telco, Bajaj Auto, Satyam Computer and HCL Technologies. — PTI

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