The Telegraph
Since 1st March, 1999
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First stock slide since sensex hit 5000-mark

Mumbai, Nov. 5: Equities suffered a moderate setback pushing the sensex down 33 points at close today due to selling pressure by retail investors as well as select foreign funds. This is the first correction after the index crossed 5000.

Fluctuating in a narrow range till mid-session, a fresh bout of selling by retailers coupled with profit-booking by some foreign institutional investors drove the market sharply down to the day’s low of 5021.97.

“The markets were waiting for a trigger in the form of aggressive foreign institutional buying. But that did not happen,” said a dealer affiliated to an institutional brokerage.

However, a partial recovery in key counters like Infosys Tech, HCL Tech, Tisco, Tata Motors, GACL, ACC, RIL and Satyam Computers at the fag end helped mitigate the sensex’s downslide.

After a promising start at 5116.86, the BSE benchmark 30-share index moved irregularly in a range of 106 points before closing at 5064.91 against yesterday’s close of 5097.84 — a net loss of 32.93 points or 0.65 per cent.

The broad-based BSE-100 edged up by 5.88 points to 2572.57 from previous close of 2566.69.

Retail investors continued to sell at the prevailing higher price levels, sources said. Select foreign funds were engaged in booking profits while some made fresh purchases, they added. FIIs invested Rs 509 crore in a single session on Monday.

Index-based scrips like Bajaj Auto, BSES, Dr Reddy’s, Cipla, Grasim, HLL, Hindalco, ITC, RIL, Satyam, SBI and Tisco recorded substantial losses.

However, GACL, HCL Tech, HDFC, HPCL, MTNL, Ranbaxy Lab, Tata Motors and Zee Telefilms finished with marked gains. Traded turnover dropped to Rs 2754.75 crore from yesterday’s Rs 3206.84 crore.

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