Business Daily from THE HINDU group of publications
Wednesday, Feb 28, 2007
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Business Daily from THE HINDU group of publications Wednesday, Feb 28, 2007 ePaper |
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NSE S&P CNX Nifty index closed at 3893.90 points, down 1.22 per cent. Bank shares bore the brunt of the selling pressure with BSE Bankex being the biggest loser to end at 6,694.82 points, down 1.58 per cent. The overall market breadth was slightly positive with 1,330 advances and 1,205 declines. According to dealers, markets have been weak for the past few days. "The volumes in the market today were very low; it was only 60 per cent of what it normally is. Volumes were down as none wanted to take a position ahead of the Budget. Very few stocks actually rose. Reliance Communications, Bharti Airtel Ltd and ICICI Bank were the exceptions," said Mr Vijay Kedia, Managing Director, Kedia Securities Pvt Ltd. Total turnover on the NSE accounted for Rs 8148.78 crore. Weak overseas markets were also a cause for the fall. "The markets were also affected due to the bearish trend in China, Japan and Hong Kong," he added.
Weak trend
According to Mr Rahul Rege, Head Institutional Business, BRICS Securities, markets were weak, as margin calls have been triggered with traders trying to hedge their positions ahead of the Union Budget.
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