UTI selling pushes down Sensex further

MUMBAI, JUNE 4. Fresh sell-off by domestic financial institutions wiped out early gains and equities drifted further lower, pushing the Sensex below 3500-level at the close on the opening day of the new account on the Bombay Stock Exchange today.

The Unit Trust of India was reported to have been selling stocks to mop up funds to meet growing redemption of its Unit Scheme-64 at a time when foreign institutional investors have slowed down their activity on the BSE.

The BSE benchmark 30-share index opened on a promising note at 3565.88 and later fluctuated in a range of 3590.56 and 3490.83 before closing at 3498.38 against last Friday's close of 3557.64, netting a fall of 59.26 points or 1.67 per cent.

- PTI

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Section  : Business
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