The Hindu : Sensex slumps 70 points on global weakness

Online edition of India's National Newspaper
Tuesday, Apr 30, 2002

Business

Business

Sensex slumps 70 points on global weakness

MUMBAI APRIL 29. Share values on the Bombay Stock Exchange turned distinctly weak today following nervous selling pressure and the Sensex slumped by a whopping 70.49 points to close at a nearly three-month low of 3301.21 on the back of global bearishness.

Sentiment was also adversely affected after news trickled in the afternoon that a Delhi Court issued a non-bailable warrant (NBW) against the group president of Reliance Industries, V. Balasubramaniam, for failing to appear before the court in connection with the recovery of classified documents from the corporate office.

RIL, a heavily weighted counter, moved down by Rs. 13.85 to Rs. 274.60 on hectic selling which spilled over to other scrips, taking a heavy toll of the Sensex.

The announcement of the slack season credit and monetary policy by the Reserve Bank of India failed to have any positive impact on the market, a dealer said.

Right from the onset of business share prices exhibited a weak trend following discouraging advices from New York where the Dow Jones Industrial Average fell below 10,000-mark for the first time in more than two months to close down by 124.34 points. The Nasdaq Composite Index finished lower by 49.81 points last weekend.

The Nikkei dropped by 107.33 points, Hang Seng by 23.59 points and Singapore ST index by 16.06 points.

The broad-based BSE-100 index also declined by 28.74 points to 1651.01 from 1679.75.

The BSE-30 share sensitive index opened hardly changed at 3372.94, which was also the day's high. It remained in the negative territory for the rest of the day and logged a low of 3296.88 before closing at 3301.21 against 3371.70.

In the specified group, 105 including 24 index-based scrips registered losses while 59 others finished with gains. The BSE-200 and the Dollex-200 were quoted down at 389.90 and 132.53 against 394.87 and 134.20 respectively. The BSE-500 dropped by 13.71 points to 1161.96 from 1175.67. The Dollex-30 moved down by 11.70 points to 553.35.

The volume of business was relatively up at Rs. 1284.44 crores against Rs. 1186.85 crores. Rolta India topped the list of highest traded securities with a turnover of Rs. 105.74 crores followed by Infosys, Balaji Tele, RIL and Satyam Computer.

PTI

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