Sensex loses 32 points

MUMBAI, July 7: After a firm spell, pivotals turned subdued on the Bombay Stock Exchange (BSE) today mainly due to profit taking and sellin...

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MUMBAI, July 7: After a firm spell, pivotals turned subdued on the Bombay Stock Exchange (BSE) today mainly due to profit taking and selling pressure by domestic institutions. The new account started better on account of lower badla charges and share prices advanced further but declined later due to fresh selling.

Some scrips, led by pharma and software scrips, closed with further gains while others showed small losses.

The BSE sensitive inded moved up from the opening level of 4326.81 to 4391.01 but slumped and dropped below 4300 mark to finish at 4291.45 with a net loss of 32.37 points compared to the previous level of 4323.82. The BSE-100 index eased by 3.71 points to 1850.86 from 1854.57 previously.Brokers said the big fall in heavy-weighted index scrips like MTNL, Sail, Telco and Tata steel was the major contribution in the Sensex loss. Pharmaceutical shares scored further impressive gains on all-round heavy buying from foreign funds and bull operators.

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The market was in the grip of FIIs who had been continuously purchasing shares of blue chip companies for the past fortnight and reduced their sales considerably. However, local institutions sold shares of Bharat Petroleum and Tata Steel after mid-session. Glaxo, Burroughs Welcome, German Remedies, Dr Reddy’s, Dabur India, Parke Davis, Pfizer, Smithkline Pharma, Boots, Cipla, Nicholas and Infosys Tech remained better

.Reliance recorded highest turnover of Rs 180.39 crore of the total volume of business of Rs 899 crore followed by SBI of Rs 153.48 crore, Tata Steel of Rs 113.97 crore, ITC of Rs 94.08 crore and MTNL of Rs 38.64 crore. Reliance firmed up by Rs 4.50 to Rs 361.75, SBI by Rs 4 to Rs 354 and ITC by Rs 18.50 to Rs 553.25 on speculative support. However, MTNL dropped sharply by Rs 31.75 to Rs 287, Tata Steel by Rs 4.75 to Rs 214 and Telco by Rs 5.25 to Rs 436.75 on selling pressure.

On the National Stock Exchange, after an initial rally, prices of pivotals witnessed a gradual decline following selling pressure from institutional investors and speculators. The NSE-50 index closed at 1209.70, showing a net loss of 6.40 points. However, the Midcap index closed higher by 24.90 points at 1230.10. The net turnover was at Rs 1,777.10 crore.