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Thursday, Jun 27, 2002

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Stock market takes a hit

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MUMBAI, June 26

THE critical condition of Mr Dhirubhai Ambani, Chairman, Reliance Group, coupled with the sharp fall in stock prices in the overseas markets kept the local bourses in negative territory today.

According to dealers, the weakness in the Reliance counters alone pulled the Sensex down by a total of 10 points. The Sensex hit a low of 3176.05, went up to 3206.87 before ending the day at 3180.89, down 33.45 points (1.04 per cent).

The S&P CNX Nifty hit a low of 1042.2, a high of 1061.05 only to end the day at 1043.5, down by 11.90 points (1.13 per cent).

RIL was down 3.03 per cent at Rs 265.35 on the BSE and ended at Rs 265.80, down 2.56 per cent on the NSE.

Reliance Petroleum moved down by 1.86 per cent at Rs 23.70 on the BSE and quoted at Rs 23.80, down 1.65 per cent on the NSE.

Reliance Capital ended at Rs 54.25, down by 2.86 on the BSE and closed at Rs 54.20, down 3.04 per cent on the NSE.

Reliance Industrial and Infrastructure ended the day range-bound at Rs 33.55 on the BSE and Rs 33.70 on the NSE.

"The impact on the Reliance counter was more to do with general market sentiment rather than company fundamentals as the market has already factored in all possibilities. The stocks have moved in tune with the current market trend,'' the chief dealer of a broking house said.

Brokers refused to take a view on the market as it was difficult to comment on the direction. Predictably, tech stocks plunged on renewed offloading by institutions. There was FII selling in Infosys, Satyam and Wipro.

The share price of Infosys closed around Rs 3,060 (down 3.4 per cent) on the BSE and at around Rs 3,062 (down 4.18 per cent) on the NSE. Wipro ended the day at Rs 1,80, down 2.45 per cent on the BSE and at Rs 1,482 on the NSE down by 2.19.

Select FMCG counters like Marico, Pidilite, Nestle, Godrej Consumer and HLL registered gains. A surprise gainer was HDFC which moved up by 2 per cent. HLL and ITC also ended in positive zone arresting any further drop in the Sensex. Shares of select tea companies maintained their positive trend.

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