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Market absorbs 61-point Sensex dip as hopes of fresh support from FIIs rise; 3292.95

Profit-taking by foreign institutional investors and public financial institutions, ahead of the end of the current trading cycle tomorrow, dragged the Sensex down by 61 points at the Bombay Stock Exchange today.

The BSE-Sensitive Index opened at 3359.67, touched a high of 3369.09 and a low of 3287.21. The Sensex finally ended at 3292.95 points, a fall of 61.03 points from the previous close of 3353.98 points.

Despite today's fall, marketmen are optimistic of the Sensex crossing the 3400-level in the coming week as fresh FII allocations flow into the country. ''FII allocations are bound to be higher as these institutions are uncertain about the south-east Asian market. They are also cautious after the Brazilian financial meltdown,'' said a fund manager with a leading mutual fund.

Meanwhile, the FIIs sold stocks like ACC, SBI and Reliance at higher levels. Institutions like UTI, LIC and GIC also joined the selling frenzy, which had a downward effect on the Sensex.

The BSE-100 index ended 27.08 points lower at 1453.10 points, while BSE-200 and Dollex indices ended 5.66 and 2.24 points at 337.66 and 132.28 respectively.

Tisco ended at Rs 113, telco at Rs 210, ITC at Rs 802, HLL at Rs 1,840, Reliance at Rs 132.50, ACC at Rs 1,114 and SBI at Rs 165. The total turnover on the BOLT network was Rs 12.39 billion from trading in 53.9 million shares.

Pentafour Software was the topper in the turnover list recording Rs 2.03 billion followed by Satyam Computers, ITC, Zee Telefilms, Tata Tea, Telco, HLL, Reliance, SBI, Digital Equipment, Tisco, Castrol India, ACC, Infosys and MTNL.

UNI

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