Sensex sheds 37 points

MUMBAI, July 16: Pivotals reacted further on the Bombay Stock Exchange (BSE) today on selling pressure coupled with lack of speculative sup...

MUMBAI, July 16: Pivotals reacted further on the Bombay Stock Exchange (BSE) today on selling pressure coupled with lack of speculative support. Resuming better, share prices crashed during the mid-session on bull unloading. Some second rank shares including select cash scrips remained better on investment buying.

The BSE sensitive opened on a better note at 4232.53 and subsequently touched the day’s high of 4263.26 but dropped to touch the day’s low of 4171, witnessing an intra-day loss of more than 50 points.

The Sensex recovered slightly at the end of session to close at 4183.42, with a net loss of 37.60 points over the previous close of 4221.02. The BSE-100 index drifted lower by 14.17 points to 1821.92 against the previous close of 1836.09.

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Brokers said pivotals once against showed volatile movements following selling pressure by foreign institutional investors (FIIs) and speculators coupled with lack of buying support from domestic institutional investors.

Pivotals like SBI, Larsen and Tata Tea recorded sharp losses as they were coming out of no-delivery period. ITC, Telco, Tata Steel, Hindalco, Grasim, Castrol and ACC also showed moderate falls. FIIs, however, made modest purchases at high priced shares like Hindustan Ciba and BPCL.

Reliance recorded highest turnover of Rs 219.05 crore of the total volume of business of Rs 970.38 crore followed SBI of Rs 218.21, ITC of Rs 110.61, Tata Tea of Rs 63.85 and Tata Steel of Rs 60.27 crore. SBI dropped by Rs 13.50 at Rs 330.50 on selling pressure and Reliance a rupee at Rs 349.50 on profit taking. Tata Steel lost by Rs 4.25 to Rs 206.50, ITC by Rs 9.50 to Rs 505.25 and Tata Tea by Rs 30 to Rs 393 on bull unloading.

However, Bajaj Auto moved up by Rs 6.25 to Rs 832.75, BHEL by Rs 3.25 to Rs 407.75, Colgate by Rs 3.25 to Rs 311.25, Gujarat A Cement by Rs 6 to Rs 309.75, Hindustan Lever by Rs 3.50 to Rs 1344.25 and Century by Rs 13.75 to Rs 2214.25. In the cash group, Bayer fell by Rs 141 to Rs 1880 and Hindustan Ciba by Rs 96.75 to Rs 3803.25. While Boots rose by Rs 21 to Rs 726, NIIT by Rs 16.50 to Rs 469.50, Thomas Cook by Rs 42.50 to Rs 1385, Wipro by Rs 68.25 to Rs 754 and Satyam by Rs 8.75 to Rs 129.25. On the National Stock Exchange (NSE), a mixed trend prevailed on the first day of the current settlement. The NSE-50 index closed at 1183.00, showing a marginal fall of 0.35. The midcap index closed at 1278.85, disclosing a gain of 12.45. The turnover was higher at Rs 2143.33 crore.