The Hindu : Sensex drops 19 points

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Thursday, Mar 06, 2003

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Sensex drops 19 points

MUMBAI MARCH 5. Sustained selling, particularly in old economy shares, drove the Sensex down for the third straight session on the Bombay Stock Exchange today, notching up yet another loss of 18.70 points at 3226.10, even as a late bout of buying enquiries from local funds partly cut losses.

Share values took the brunt of heavy selling at the initial stages on market speculation that a prominent broker who had taken long positions ahead of the budget in a bid to book profits later, found himself overloaded with stocks, forcing him to offload heavily, a trader said. However, market circles later denied it but the damage was already done, he added. Meanwhile, a late round of buying by local operators, partly pared the sharp early losses.

The BSE-30 share sensitive index opened sharply lower at 3233.43 against 3244.80 and gradually moved down to touch a three-month low of 3190.06. Late demand helped the Sensex recover partly to close at 3226.10, still showing a fall of 18.70 points. The broad-based BSE-100 also eased by 7.57 points to 1598.59 from 1606.16. In the specified group, 150 including 22 index-based scrips registered losses while 42 others finished with gains. The BSE-200 and the Dollex-200 were quoted lower at 383.08 and 133.91 against 385.09 and 134.55 respectively. — PTI

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