Scrips sink on unloading

MUMBAI, October 23: Pivotals suffered further setback on the Bombay Stock Exchange (BSE) mainly on selling pressure by foreign institutiona...

MUMBAI, October 23: Pivotals suffered further setback on the Bombay Stock Exchange (BSE) mainly on selling pressure by foreign institutional investors (FIIs) coupled with profit-taking by local operators. Sensex dropped by 73 points. Resuming subdued, the prices declined soon following political uncertainty at the centre coupled with a record fall in share prices at the Hong Kong Stock Exchange.

The BSE sensitive index started lower at 4073.42 and dropped further to the intra-day low of 3983.18, before closing at 4009.77, with a net loss of 72.93 points compared to the previous level of 4082.70. The BSE-100 index also dipped by 32.58 points to 1726.36 from previous close of 1758.94.

Brokers said FIIs sold in key pivotals like Reliance, ITC, Castrol and SBI. Reliance recorded the highest turnover of Rs 264.99 crore in the total volume of business of Rs 781.33 crore followed by ITC at Rs 147.02 crore.

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Reliance lost Rs 7.50 at Rs 404 on bull unloading. ITC declined by Rs 7 at Rs 623.50, SBI Rs 8.50 at Rs 274,Tata Steel Rs 3 at Rs 172.50, Tata Tea Rs 15.25 at Rs 409 and Castrol Rs 18.25 at Rs 650 on selling pressure.

On the NSE, pivotals witnessed gradual decline on bear pressure from financial institutions. The NSE-50 index opened at 1169.40, touched a high of 1171.05 but later dropped to close at 1151.65, showing a loss of 18.20 from the previous close of 1169.85. The Midcap opened at 1305.55, touched a low of 1277.55 and ended at 1284.80, showing a decline of 19.25 from the previous close of 1304.05. The total turnover was Rs 1867.19 crore.