The Telegraph
Since 1st March, 1999
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Markets still skittish, rupee loses ground

Mumbai, Nov. 20 (PTI): Renewed selling by foreign institutional investors (FIIs) drove down the Bombay Stock Exchange (BSE) sensex by 52.5 points at 4771.23.

Operators who had built up large positions in futures and options indulged in heavy offering to square up their holdings before the November derivative contracts went in for redemption, dealers said.

The market opened on a stronger note, but bouts of selling pulled down stocks and indices to levels that represent a steep climb-down from the recent 5000-mark.

The 30-share index opened at 4840.80 and, after rising to a high of 4878.81, declined sharply to 4763.53 before closing at 4771.23. This showed a sharp fall of 1.09 per cent over its previous close of 4823.73. The broad-based BSE-100 index also declined 33.14 points to 2454.93 from 2488.07 on Wednesday.

Selling pressure was so heavy that even firm overseas trends were ignored. Wall Street had a heady close last night with shares bouncing back on good buying, but that could not hold back sellers here.

Rupee plunges

The rupee plunged to a seven-week low against the greenback at 45.77, a loss of over 13 paise over its previous close. Anxiety over a slowdown in FII flows and jitters over tight ECB norms sparked the dollar rush.

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