The Hindu : Sensex drops 40 points

Online edition of India's National Newspaper
Wednesday, Feb 26, 2003

Business

Business

Sensex drops 40 points

MUMBAI FEB. 25. Heavy selling ignited by increased possibility of war against Iraq sent equities reeling down and the Sensex ended 40 points lower in an otherwise consistent lacklustre activity on the Bombay Stock Exchange today. Foreign institutional investors, however, were believed to be net buyers in select counters at lower levels.

The BSE benchmark 30-share index opened moderately down at 3316.91 and gradually moved downward to the intra-day low of 3279 before ending at 3281.92 against yesterday's close of 3322.17, a net fall of 40.25 points or 1.21 per cent. The broad-based BSE-100 index dropped by 19.46 points to 1622.53 from 1641.99.

Attributing heavy selling to war fears induced by the mounting U.S. pressure on the UN Security Council to adopt a new resolution for military action against Baghdad, brokers said local funds and operators have also turned extremely cautious ahead of the Union Budget. A sharp fall of over 159 points in the Dow Jones Industrial Average and a decline of about 27 points in the Nasdaq Composite Index yesterday had sentimental impact on the market, brokers added. In the specified group, 170 including 26 index-based counters registered sharp to moderate losses.

PTI

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