The Hindu : Early gains not held on BSE

Online edition of India's National Newspaper
Wednesday, Feb 19, 2003

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Business

Early gains not held on BSE

MUMBAI FEB. 18. After an early upsurge, equities reacted negatively and majority of them registered marked to moderate losses at close in lacklustre activity on the Bombay Stock Exchange today due to late sell-off by domestic financial institutions.

However, the Sensex ended in the positive territory on the back of impressive gains in HPCL, HLL and a few others that have high weightage in the BSE barometer, on fresh purchases by foreign institutional investors.

The BSE 30-share Index opened moderately up at 3284.04 and rose to the intra-day high at 3301.92 during early trading session. But, late pressure erased major part of the gains and it closed at 3289.09 against the previous close of 3282.45, showing a net rise of 6.64 points.

Attributing initial upsurge in shares to the indication of a favourable budget and easing of tension in the Gulf after the weapons inspectors' report on Iraq and worldwide anti-war protests over the weekend pushed back the threat of imminent war against Iraq, brokers said adding domestic funds were believed to be heavy sellers in key software stocks. FIIs made fairly good purchases in select old economy stocks, brokers added. — PTI

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