Financial Daily from THE HINDU group of publications
Thursday, Mar 07, 2002
Markets - Stock Markets
Sensex down 21 on SEBI fiat
MUMBAI, March 6
THE SEBI directive on the issue of interim dividend coupled with profit booking pulled down stock prices on major bourses on Wednesday.
The 30-share Sensex fell to an intra-day low of 3,591, down 50 points, before closing the day at 3,620, down 21 points. The S&P CNX Nifty closed at 1,174, down five points.
After a positive opening, stock prices moved down on reports on the SEBI directive reaching the market, dealers said.
However, buying interest in IT and banking stocks helped the bourses stem the fall considerably, with the Sensex clawing back to close at 3,620, a dealer said.
Among the losers were Dr Reddy's Laboratories (down 3.2 per cent to close at Rs 1,018.25), Tata Power (down 2.4 per cent to close at Rs 122.50) and Tata Steel (down 3.49 per cent to close at Rs 102.30). Cipla moved marginally up 0.1 per cent to close at Rs 1,016.25.
Dealers also said that these scrips were under selling pressure, with investors now becoming cautious in the event of stock exchanges recalling the announcement of interim dividends.
PSU stocks were also under selling pressure, particularly BHEL (down 6.18 per cent to close at Rs 176.10) and MTNL (down 4.65 per cent to close at Rs 140.55).
Brokers attributed the selling in these counters to profit booking.
Cement and auto stocks experienced mixed response from investors.
The scrip of Bajaj Auto went up by 4.38 per cent to close at Rs 495.25, while Gujarat Ambuja's share price fell by 3.79 per cent to close at Rs 219.85.
Infosys Technologies, ICICI, HCL Technologies and Ranbaxy were among the gainers.
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