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Sensex dips below 3900, recovers

The Sensex which dipped below the psychological barrier of 3900 to an intraday low of 3885.59, rallied during the later part of the day due to speculative buying at the selective counters like the ITC, Hindustan Lever and Hindustan Petroleum on the Bombay Stock Exchange on Tuesday.

According to the marketmen, initially the Sensex opened slightly lower compared to Monday's close following selling pressure from the foreign institutional investors and the local operators.

It then saw an intraday low, going below the psychological barrier of 3900 as operators began selling while the major market-movers were absent along with a shortage of foreign funds.

Reflecting the downtrend, the BSE Sensitive Index opened on a weak note at 3911.34, touched a day's high of 3918.42 points, hit the day's low of 3885.59, and finally settled at 3902.03 over Monday's close of 3912.83 points, suffering a loss of 10.80 points.

Similarly, the BSE-100 index also inched down by 7.42 points to 1692.32 from previous close of 1699.74 points.

The BSE -200 and dollex indices also slid by 2.29 and 1.05 points to close at 378.66 and 174.25 points respectively over Monday's close of 380.95 and 175.30 points.

Marketmen said that ITC witnessed wide movements from its previous levels of 580 to 615 due to the speculative buying which also caused the Sensex crash. Overall, the market reported a more or less a steady trend for the day, brokers remarked.

The total turnover was Rs 7.9 billion involving 26.9 million shares. Out of 6,742 scrips, a total number of 1,876 scrips were traded.

ITC led in the volume of business, registering a total turnover of Rs 2.4 billion, followed by Reliance Rs 2 billion, Tata Tea Rs 1.3 billion, SBI Rs 477.4 million, Castrol Industries Rs 169.4 million, BHEL Rs 126.5 million, TELCO Rs 124.8 million, TISCO Rs 113 million, ACC Rs 51.5 million, Hindustan Lever Rs 58.8 million, Bajaj Auto Rs 40.6 million and Hind Petro Rs 29 million in the specified counters.

Good transactions was also observed at Satyam Comp, ICICI Bank, NIIT, Infosys Tech, Dig Equip, Nat Alum Co and Nicholas Pir at the B1 counters.

UNI