Financial Daily from THE HINDU group of publications
Tuesday, Jan 25, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jan 25, 2005 |
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Stock Markets Markets - Stock Markets Sensex sheds 77 points Our Bureau
Mumbai , Jan. 24 THE markets on Monday started a new week of trading on the same note of volatility seen last week. Trading started smartly but the indices could not sustain the trend and plunged in the red for most of Monday's trading session. The Sensex closed with a 76.81-point loss at 6106.43. The Nifty shed 16.3 points and ended the day at 1909. Foreign institutional investors (FIIs) continued to be net sellers in the markets. This, added to a rise in crude oil prices and general weakness in the global markets, dragged the indices down. FIIs have sold equity worth Rs 255.2 crore in the last three trading sessions. Some large investors are also reported to have taken a bearish view of the markets recently. Banking stocks went for a tailspin today. Bankex, BSE's index of banking stocks, shed the most weight, losing 2.12 per cent to close at 3355.13. Shares of Bank of India, which reported a 67 per cent dip in its net profit for the quarter, dropped 5.62 per cent and closed at Rs 75.60. Canara Bank and Bank of Baroda also dragged the banking index down. Volumes were not very high today, 16.21 crore shares worth Rs 1,833 crore changed hands in the BSE. NSE's volumes were pegged at 26.67 crore in traded quantity valued at Rs 4,076 crore. "There was an all round selling today. The last couple of weeks have been highly volatile and the bears managed to win at the end of the day today. The market is awaiting some positive triggers and this trend is likely to last till the announcement of the Union Budget 2005/2006," said Mr Mitesh Shah, BSE broker.
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