Equities show minor variations on BSE

MUMBAI, AUG. 30. Equities showed small variations on either side in extremely dull conditions and the Sensex closed moderately down on the Bombay Stock Exchange today due to late selling by local funds.

Foreign institutional investors were almost sidelined in the light of discouraging global advices with another marked fall in stocks on the wall street last night.

The Dow Jones industrial average and the Nasdaq composite index dipped by about 131 points and 22 points respectively due to sustained selling by investors which seemed to be worried over weak U.S. economy that eked out only a slim gain in the second quarter.

Market sources said retail investors and operators were extremely nervous following reports that the government had turned down the representation by the brokers forum to at least introduce weekly carry-forward system.

The BSE benchmark 30-share index opened marginally down at 3296.78 and was later trapped in a small range between 3305.98 and 3281.17 before closing at 3286.87 against yesterday's close of 3300.62, a loss of 13.75 points.

The BSE-100 index also moved down further by 3.69 points at 1556.99 compared with previous close of 1560.68.Domestic funds led by the Unit Trust of India reportedly sold-off select key old economy stocks such as Hindustan Lever, ACC, BSES, Grasim, GACL, Hindalco and ITC besides Infosys and NIIT.