Polls spectre downs BSE

MUMBAI, DEC 5: Pivotals declined further on the Bombay Stock Exchange (BSE) today mainly in the absence of speculative support and lack of institutional buying. The sensex dropped below the 3500-mark. After a good spell, share prices reacted as the session progressed on increasing selling pressure. The closing rates showed further widespread modest losses.

The BSE sensitive index slumped from the sessions’ best of 3552.27 to finish at 3409.08 with a net loss of 58.02 points compared to the previous level of 3527.10.The BSE-100 index lost 24.88 points to 1504.38 from the previous level of 1528.71. Brokers said that apart from the day being the last session for current settlement, the sentiment was also affected due to selling pressure in view of prevailing political situation in the country.

The FIIs purchased small lots of ITC but sold SBI shares with the result ITC firmed up by Rs 3 to Rs 633. BHEL, Castrol, Telco and MTNL also declined moderately.MTNL closed at Rs 217.25, much below its Global Depository receipt (GDR) issue price of Rs 235. The total turnover dropped sharply to Rs 806.67 crore. On the NSE,share prices continued to lean down on increased selling by foreign as well as domestic funds.The NSE-50 index opened weak at 1011.40 but rose to 1024.35. Later, it fell steeply to 1002.45 and settled at 1006.30, showing a fall of 5.45 from the last close of 1011.75. The midcap index resumed lower at 1146.50 and ended at 1143.80, registering a loss of 2.70 from the last level of 1146.50.The market witnessed a total turnover of Rs 1,541.83 crore.