The Hindu : Sensex down 24 points

Online edition of India's National Newspaper
Wednesday, Jun 04, 2003

Business

Business

Sensex down 24 points

MUMBAI JUNE 3. The Sensex snapped its four-session gains as equities suffered a sharp setback after an initial rally on the Bombay Stock Exchange here today due to sustained selling pressure by speculators as well as domestic financial institutions.

However, foreign institutional investors, who have made net investments of Rs. 629 crores last week, were believed to be buyers in select old economy counters.

After rising to the intra-day high at 3214.33 at early stages, the BSE benchmark 30-share index later met with strong resistance and dipped to the day's low at 3176.77 before ending at 3181.97 against yesterday's close of 3206.38, a net fall of 24.41 points. But, the broad-based BSE-100 index advanced by another 4.87 points to 1654.37.

Though select pharma, bank and PSE stocks attracted renewed interest from foreign funds, brokers said old economy blue chips fell sharply due to continued unwinding by operators in reaction to reports that the monsoon was likely to be delayed by about a week.

Heavyweight counters such as RIL, HLL, Infosys Technologies, SBI, Zee Telefilms, L&T, ITC, Grasim and BHEL finished with sharp losses.

CIPLA, Dr. Reddy's Lab, HPCL, MTNL, HDFC, Hero Honda, PNB, IDBI, Indian Overseas Bank, Andhra Bank, Syndicate Bank, Canara Bank, IBP, LIC Housing Fin, Nalco, NLC and ONGC recorded remarkable gains.

In the specified group, 115 including 79 index-based scrips registered losses while 79 others ended with gains.

— PTI

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