MUMBAI, January 15: Pivotals reacted further on the Bombay Stock Exchange today on selling pressure by the foreign institutional investors (FIIs) mainly due to the continuing economic turmoil in South-east and the Far East. Sensex lost 35 points. After weak spell, a few scrips rallied at the end on short covering coupled with buying by the domestic financial institutions. The volume of business remained moderate.The BSE sensitive index dropped from the inter day high of 3415.87 to the day's low of 3318.69 during mid-session and later recouped its losses to close at 3365.75 with a net loss of 35.04 points compared to the previous level of 3400.79. The BSE-100 index too dipped by 11.25 points to 1471.55 from previous close of 1482.80.
Brokers attributed the initial weakness in the prices to fresh stock crash on Hong Kong market that took the blue chip index down by about 570 points in early trade, saying foreign institutional investors (FIIs). FIIs sold heavily blue chip stocks. FIs, however, attempted to
absorb the FIIs sales by making sizeable purchases.
On NSE, share prices started weak but recovered marginally towards the fag-end to cover most the losses. Still prices were weak than the last close. The NSE-50 resumed weak at 997.50 and closed at 989.65, still showing a fall of 7.90. The Dollar NSE-50 (Defty) index also started subdued at 858.30 and declined further to close at 851.20, revealing a fall of 9.85 from the previous close of 861.05. The Midcap index commenced higher at 1142.70 settled at 1139.65, disclosing a fall of 2.50 over the last close of 1142.15. The market witnessed a total turnover of Rs 1,507.44 crore.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
