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Global downturn affects BSE; Sensex down 10 points, 3080.91

A weak trend in global markets cast its shadow on the Bombay Stock Exchange with equities declining moderately after a firm start at the first day of current settlement today, following selling pressure from foreign funds coupled with lack of buying support by domestic institutional investors.

The market opened on a firm note as the 30-scrip Sensex started at 3111.02, touched the day's high of 3132.59, fell to touch the day's low of 3080.71, before closing at 3080.91 points, showing a net loss of 9.81 points against the previous close of 3090.72 points.

According to market sources, with the higher badla rates and better market support, the market started firm according to expectations, but the report of sharp fall in the world markets prevented the market players from taking long-term positions.

Tokyo stock prices hit a new 12-year low today as investors dumped shares amid uncertainty over the fate of legislation to review the country's ailing banking system. Reflecting the weak trend there, the benchmark 225-issue Nikkei stock average lost 385.82 points or 2.76 per cent to finish the day at 13,597.30, its lowest close since February 1986, a report from Tokyo said.

By mid-day, Hong Kong's key index had plunged three per cent, and Singapore's had fallen 2.5 per cent. Stock markets in Malaysia and Indonesia also reported moderate losses another report from Hong Kong said.

The broad-based BSE-100 index declined by 2.73 points to 1369.49 against the previous close of 1372.22 points.

The BSE-200 and Dollex indices however, registered marginal gains and closed at 317.49 and 124.31 from the previous close of 317.37 and 124.24 points respectively.

Total turnvoer on the BSE's BOLT network amounted to Rs 12.18 billion.

Market leader ITC topped the list of turnover by registering highest turnover of Rs 3.49 billion, followed by Satyam Computer Rs 1.33 billion, Zee Telefilms Rs 1.27 billion, Reliance Rs 1.17 billion.

Hectic activity was observed at the other counters like Pentafour Software Rs 774 million, SBI Rs 498.2 million, Castrol Rs 185.1 million, Digital Equipment Rs 183.7 million, BHEL Rs 179.4 million, Tata Tea Rs 165.6 million, Dr Reddy's Rs 164.9 million, Novartis Rs 162.7 million, L&T Rs 135.9 million, Tisco Rs 127.5 million and ACC Rs 100.9 million.

UNI