The Telegraph
Since 1st March, 1999
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Markets still in the grip of sellers

Mumbai, Sept. 22: The Bombay Stock Exchange sensex gyrated all through the day, resembling the movements of most index heavyweights and shed 65.40 points to 4151.72 at the day’s close.

Share prices of major companies drifted further as the correction continued. Market watchers apprehend volatility in the markets as the derivatives segment heads for the monthly settlement on Thursday.

“While foreign institutional investors (FIIs) have not sold stocks in huge quantities, they haven't been buying either,” said a director affiliated to a leading institutional brokerage.

Only 9.8 crore shares were traded today, which is the lowest in the past two months. The number of losers stood at 892 against 671 gainers.

Moser Baer bucked the trend, aided mainly by the announcement that its board had recommended a bonus issue of one share for every one held by the shareholders. Cement shares rose as reports stating that cement prices had risen in the western markets did the rounds.

Among the major losers were Hindustan Lever and State Bank of India. State Bank of India shed 2.7 per cent to Rs 399.50, while Hindustan Lever dropped 3.8 per cent to Rs 174.60.

The controversy regarding the steel price hikes deepened. The Securities and Exchange Board of India (Sebi) said it had not asked steel producers to inform it of price revisions, as suggested in a newspaper report.

Rupee surges

The rupee surged by over 18 paise to close at a new 10-day high of Rs 45.75/76 per dollar today, propelled by robust trade and capital inflows accumulated over the weekend and a distinctly weak dollar against major global currencies.

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