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Lacklustre week on BSE, NSE

Trading in the domestic market remained lacklustre with the Bombay Stock Exchange Sensex ending the week below the 3900 mark, registering a steep fall of 77.51 points and with little good news to cheer up the bourses during the four-day week ending on October 3.

According to marketmen, stocks from automobile, cement and power fared badly during the week on the BSE, resulting in the Sensex's fall and demoralising the brokers' sentiments who kept waiting for a change.

Even the rupee's strengthening against the dollar in the foreign exchange market could not completely prevent the bourses fall as local institutions were unable to buy the heavy-weighted shares due to a shortage of foreign funds.

Over the week, the BSE Sensitive Index (30 scrips) lost 77.51 points to close at 3847.73 points as against its previous week's close of 3925.24 points.

Similarly, the broadbased BSE National Index (100 scrips) decreased marginally by 34.17 points to 1669.46 compared to the previous week's close of 1703.63 points. The BSE-200 and dollex indices dipped by 6.51 and 2.75 points to 373.50 and 171.92 points over its previous close of 380.01 and 174.67 points respectively.

The total turnover on screen-based trading system slumped moderately by Rs 6 billion to 34.3 billion as against the previous week's turnover of Rs 40.4 billion.

On Monday, after opening on a firm note, due to high speculation, the Sensex dipped by 12 points as the operators booked profits at higher levels and the foreign institutional investors kept away.

On Tuesday, tobacco giant ITC limited attracted brisk activity in a dull session causing the Sensex to move in a narrow range, closing marginally lower following hectic short-covering by operators. Brokers attributed the brisk activity in ITC to the higher backwardation charges which the scrip attracted at the end of last settlement on the National Stock Exchange, indicating that the scrip was in a heavily oversold position.

On Wednesday, share prices initially encountered selling pressure following news of heavy shelling by Pakistani troops and civilian casualties in India, bringing the Sensex down to 3848.15. But buying support just before close by local operators and select purchases by foreign funds and institutions lifted the index, giving it a small gain.

On Thursday, the market was closed on account of Gandhi Jayanti.

On the last day of the current settlement, the Sensex fell by over 57 points due to selling pressure by local operators and lack of support from foreign institutional investors.

The sentiment was also affected by the National Stock Exchange's closure on Friday due to a technical snag in the INSAT-2D satellite which occurred on October 1.

On the NSE, equity prices suffered a setback due to sustained purchases by the FIIs and bull operators, during a three-day week ending on October 1, pushing the Nifty down.

The NSE-50 Index lost by 1.40 points to 1114.70 points as against its previous week's close of 1116.10 points. However,the Midcap Index finished higher at 1255.30 points over the previous close of 1252.05 points, showing a net gain of 3.25 points.

The total turnover on the exchange showed a steep loss of Rs 25.6 billion to Rs 49.2 billion as compared to last week's total turnover of Rs 74.8 billion.

UNI