The Hindu Business Line : Sensex sheds 92 points on selling pressure

IN contrast to the flattish trend over the last few days, the Sensex today dropped sharply, shedding 91.86 points. Marketmen attribute today's fall to the fact that investors' are squaring off positions as June futures expire on Thursday.

However, covering off short positions became difficult as the index slipped downwards.

At the end of today's trading, the Sensex shed 1.94 per cent to close at 4644. Tata Power, HPCL, BHEL and Maruti registered the sharpest falls among the Sensex scrips.

ICICI Bank, Bajaj Auto, Reliance Energy and pharma scrips - Ranbaxy and Dr Reddys - were the only five amongst the 30-scrip index to advance during the day's trade.

The Nifty also lost 1.94 per cent to close at 1446.10, down 28 points from Tuesday's close. Volumes continued to be low, 17 crore shares were traded for a value of Rs 4,041 crore at NSE.

Although selling was witnessed across the board, auto, IT and steel stocks were the big losers.

Selling pressure on banking scrips continued today. Heavyweights SBI and HDFC shed 3.62 per cent and 2.69 per cent respectively. J&K Bank registered the sharpest fall in the banking sector index, BANKEX, losing 8.32 per cent.

Data published by the Securities and Exchange Board of India indicates that foreign institutional investors and mutual funds were net sellers on both Monday and Tuesday.

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