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Tuesday, Dec 17, 2002

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Modi euphoria fails to sustain market

Our Bureau

MUMBAI, Dec. 16

AFTER the initial euphoria over the BJP's victory in Gujarat, which took the Sensex up in the morning, the market later gave way to profit taking.

The market displayed some amount of volatility as stocks slipped in the second-half of the session, after a steady opening and subsequent gains. Stocks rose in early trades on the reckoning that the landslide victory in Gujarat assembly elections will help the BJP to strengthen its position to push ahead with reforms. However, selling pressure in technology stocks pulled down the market, brokers said.

There was selling by institutional investors, a trader said. But there were also active purchases in PSU stocks ahead of the meeting of Cabinet Committee on Disinvestment this week.

Brokers said that the impact of the Modi-led BJP victory in Gujarat elections was more or less discounted by the market on Friday itself after the exit polls results.

The BSE Sensex opened higher with a gap of 17.23 points at 3360.20 and rose to day's high of 3371.16 in opening trades. The Sensex came off from its higher levels as the selling spree gained momentum in technology stocks. At close, the Sensex settled at 3328.39, down 14.58 points from its previous close. On NSE, S&P CNX Nifty closed 7.75 points down at 1078.55.

Dealers said the selling in technology counters came mainly from UTI and FIIs.

They said these institutions were booking profits.

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