MUMBAI, April 10: Pivotals remained weak on the Bombay Stock Exchange (BSE) mainly on absence of speculative support due to end-of-account considerations and profit taking. The Sensex lost 65 points. Resuming steady share prices dropped during mid-session on selling pressure but recovered slightly at the end. The closing rates showed widespread small to modest losses. The volume of business remained moderate.The BSE sensitive index declined from 4185.15 to 4103.46 before closing at 4118.29 with a net loss of 65.28 points compared to the previous level of 4183.57. The BSE-100 index lost 20.09 points to 1806.18 from the previous level of 1826.27.
Brokers the business was restricted and squaring off in nature in view of today being last day of the current settlement. Besides this there were fewer participants in the market as many foreign funds, local banks, government offices and most companies remained closed on account of Good Friday. Taking advantage of the absence of major players, local operatorspressed heavy sales during the last one hour to square off their outstanding positions. The BSE authority extended the trading session by 30 minutes till 4.30 p m as VSAT connectivity was lost for 13 minutes. Since the market was in an overbought position and needed a technical correction for its good health, bulls, who had entered into long commitments earlier, preferred to avail the week-end opportunity to off load their outstanding holdings. The volume of business amounted to Rs 1661.13 crore.
On the NSE leading pivotals exhibited a downslide which witnessed a reversal trend today. The total turnover stood at Rs 1,726.98 crore. The NSE-50 index declined by 17.20 to 1192.40 as against the previous day's close of 1209.60. However, the Midcap index firmed up marginally by 0.55 points to 1581.35. About 346 securities hit their price bands today.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
