COMMENTARY
INTERVIEWS
SPECIALS
CHAT
ARCHIVES

Indices of BSE, NSE dip as Indo-Pak tensions mount; Sensex down 73 points, Nifty down 13 points

The Indo-Pak tensions in Kargil dampened the market sentiment. Share prices dipped in spite of the US Senate approving lifting of the economic santions against India and Pakistan.

The Bombay Stock Exchange and the National Stock Exchange recorded a moderate fall in their major indices due to crashing share prices.

The-30 share BSE Sensex tumbled by 73.16 points or 1.8 per cent to close below the 4000 mark at 3969.36 points from the previous week's close of 4042.52 points.

The broad-based BSE-100 index declined sharply by 16.52 points to 1727.57 points as against the last week's close of 1744.09 points.

The S&P CNX Nifty Index of the NSE dropped by 13.15 points or 1.12 per cent to 1141.90 points from last Friday's close of 1155.05 points.

The stock markets witnessed spectacular performance last week with the Sensex registering a whopping gain of 269 points at 4042.52 points on heavy buying spree by foreign institutional investors and market players on the indication of end of Kargil conflict.

However, the Inter Services Intelligence's confirmation of Pakistani soldiers' presence in Kargil and the inhuman killings of Indian soldiers by Pakistan military forces badly disturbed the market sentiment, dealers said.

The combined turnover on the BSE and the NSE rose by Rs 9.58 billion to Rs 167.33 billion during the week.

The FIIs were net sellers during June 1-11. The Securities and Exchange Board of India has said that the FIIs were net sellers (debt and equity) on the Indian bourses to the tune of Rs 176 million.

The market opened on a weak note on lack of buying interest from market players, recorded moderate upward movement on Tuesday on some buying support coupled with short-covering from bull operators.

However, the market retreated on Wednesday and witnessed a mixed trend on thursday and suffered a major fall on Friday.

The market welcomed the US Senate's approval of lifting up of sanctions. However, the firm trend could not be sustained for even two days due to fresh developments on the Indo-Pak border and the Indian Air Force's continued operation against the Pakistani infiltrators.

The pivotals as well as the current market favourites like infotech, FMCG and pharma counters too witnessed moderate decline on selling pressure towards the end of the week.

Among the issues, ACC dropped by Rs 3.45 to Rs 185, Ashok Leyland Rs 5.10 to Rs 62.80, BPL Rs 9.25 to Rs 460, BSES Rs 2.50 to Rs 254.50, Colgate Rs 7.40 to Rs 214.10, Glaxo Rs 9.95 to Rs 730, Hero Honda Rs 33 to Rs 1005, Indian Hotel Rs 18.75 to Rs 322, Infosys Technologies Rs 39 to Rs 3158, ITC Rs 29 to Rs 1027, MTNL Rs 7 to Rs 189, NIIT Rs 40 to Rs 1796, Procter and Gamble Rs 35 to Rs 1030, Ranbaxy Rs 41 to Rs 571, Reliance Rs 1.80 to Rs 182.50, SBI Rs 6.30 to Rs 249.50, Telco Rs 19 to Rs 181.50, Tisco Rs 0.30 to Rs 118.75, Tata Tea Rs 4.85 to Rs 408.65 and Zee Telefilms Rs 89 to Rs 1465.

The few gainers were BHEL Re 1 to Rs 209, Grasim Rs 38.75 to Rs 227.50, Mahindra & Mahindra Rs 12 to Rs 247, Satyam Computer Rs 9 to Rs 1289.

The BSe-200 and Dollex indices declined sharply by 3.42 and 1.75 points to 396.63 and 153.78 points from the previous week's close of 393.21 and 152.03 points respectively.

The other indices at the NSE like the S&P CNX Nifty Junior dropped by 4.10 points to 1961.35 points from the previous week's close of 1965.45 points. The S&P CNX Defty ended lower by 13.20 points to 918.90 points as against last week's close of 932.10 points.

The CNX-500 ended lower by 4.29 points to 782.40 points from the previous week's close. The Midcap -200 index, however, gained by 2.22 points at 678.95 points from the previous week's close of 676.73 points.

Meanwhile, the annualised badla (rate at which carry forward deals are struck) rates at the BSE on Saturday quoted higher at 15 per cent from last week's 12 per cent.

UNI

Business news