The Hindu : Pivotals reel under pressure

Online edition of India's National Newspaper
Friday, Oct 25, 2002

Business

Business

Pivotals reel under pressure

MUMBAI OCT. 24. Led by Reliance Industries (RIL) and Hindustan Lever (HLL), select heavyweight counters reeled under intense pressure, pushing the Sensex down to 52-week low at 2908.05 at close on the Bombay Stock Exchange (BSE) today.

Bear operators targeted select key stocks that have high weightage in the index hammering down the prices in a bid to bring the Sensex down, brokers said.

Depicting the trend, the BSE Benchmark 30-share index which opened weak at 2944.28, gradually moved downwards to the intra-day low to 2906.20 before ending at 2908.05 against yesterday's close of 2948.96, netting a fall of 40.91 points or 1.39 per cent.

The broad-based BSE-100 index dropped by 15.49 points to 1449.16 from the previous close of 1464.65. Attributing heavy sell-off by speculators and profit booking by some domestic funds to anticipation of discouraging Q3 working results by the market leader HLL, market sources said announcements of encouraging Q2 results by ITC and UTI Bank failed to stem the rot.

— PTI

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