Sensex dips on bull unloading

Sensex dips on bull unloading
ENS ECONOMIC BUREAU

MUMBAI, DECEMBER 15: Pivotals, led by infotech shares, fell on the Bombay Stock Exchange (BSE) on Wednesday amidst widespread bull unloading. However, many stocks recovered from early losses on short-covering and buying by foreign funds. The benchmark Sensex lost 25.22 points and closed at 4,665.56, after touching the day's low of 4,584.74.

Operators with huge long positions prevented any fresh positions ahead of the year-end amid growing concerns over the Y2K computer bug. Select economy stocks and index heavyweights recovered from their initial losses and even posted moderate gains helping the Sensex to recoup partly. Operators and domestic institutions who had shifted their focus to consumer goods and multinational stocks, were reportedly net buyers in Hindustan Lever, Nestle, Castrol, ITC besides several cyclicals.

Almost all the software scrips from B1 and B2 sectors which had witnessed a sharp rally in the past one month got severe beating. As many as 40 infotech scrips, in addition to seven sharesfrom specified group, hit the lower circuit filter after exhausting the daily price limit. Pentafour Software remained the star performer with the highest turnover of Rs 509.49.