Financial Daily from THE HINDU group of publications
Tuesday, Sep 23, 2003
Financial Daily from THE HINDU group of publications Tuesday, Sep 23, 2003 |
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Stock Markets Markets - Stock Markets Investors wary as stocks plunge Our Bureau
Mumbai , Sept. 22 INVESTORS became cautious today as volatility gripped several counters and selling pressure on pivotal stocks brought benchmark indices down several notches. Wary dealers were making frantic calls through the day to determine the pulse of a volatile market, which, after opening steady plunged headlong. The 30-share Sensex of the Bombay Stock Exchange lost 65 points to end at 4,151.72, and the S&P CNX Nifty of the National Stock Exchange lost nearly 1.5 per cent to close at 1,302.90. Nearly 65 per cent of the A group stocks declined today, while about 52.5 per cent stocks of the B1 segment lost ground. Even though closely-watched FII investment figures suggested a bullish undertone, falling indices baffled dealers. "We are not able to determine where the selling is coming from. FIIs seem to be buyers in the cash market even though they are said to be booking profits in the F&O (futures and options) segment," said a dealer. A dealer with a large domestic brokerage said some of the stock futures such as SBI and Ranbaxy appeared to be oversold. He, however, said even though there is selling pressure on several stocks, not many people are unloading their holdings. "
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