BUSINESS

Uptrend halted on BSE

MUMBAI: A sudden bout of heavy selling towards the fag-end pulled down the Sensex from its historic high of 7308.72 on the Bombay Stock Exchange on Tuesday on emergence of heavy profit selling at higher levels and halted the four-session rising streak. It closed at 7220.25, showing a fall of 57.06 points over Monday.

Operators and investors resorted to heavy selling after the news that six terrorists made an unsuccessful bid to storm the high-security makeshift Ram temple in Ayodhya, which not only wiped out early gains but prices ended in the negative territory, brokers said.

The BSE benchmark 30-share sensitive index opened marginally weak at 7275 against the previous close of 7277.31, but soon recovered smartly on heavy buying and after crossing the 7300-level touched a historic high of 7308.72.

However, it turned sharply weak and after falling to a low of 7209.86, ended at 7220.25.

During early trading, stocks, mainly in the index-based, attracted heavy buying from foreign institutional investors who made handsome purchases in equities worth Rs. 2,237.10 crore in the previous week and a steep Rs. 20,426 crore during the current year, a broker said.

Another dampening factor was rise in world crude prices as the New York's main contract, light sweet crude for delivery in August, rose 47 cents to $59.22 a barrel in electronic deals from Friday's close.

The major losers were Infosys Technologies, Satyam Computer, Grasim, TCS, REL, RIL, Ranbaxy, ITC and ONGC.

The broad-based BSE-100 index dropped by 26.68 points to 3835.68. — PTI

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