Selling pressure pushes down Sensex

MUMBAI, AUG. 13. Led by old economy heavyweight, Reliance Industries, key shares drifted moderately pushing the Sensex down by about 29 points in listless activity on the Bombay Stock Exchange today in the wake of selective selling by domestic mutual funds.

Reliance, which has significant investment in the US-64 scheme and few other cyclicals met with selling reportedly from the Unit Trust of India after the midsession.

Foreign institutional investors, who have been the sole driving force behind the market after introduction of the rolling settlement and the ban on badla, were believed to have made small purchases and sales in select counters. Though FIIs have slowed down activity in the past few weeks, they were consistent net buyers despite the weak U.S. economy.

Reflecting the depressed sentiment, the BSE benchmark 30-share index gradually moved downwards to the day's low of 3283.44 before closing at 3287.62 against last Friday's close of 3316.21, netting a fall of 28.59 points or 0.86 per cent. The BSE-100 index also dipped by 13.15 points to 1541.50 from the previous close of 1554.65.

The activity remained at a low ebb and the volume fell further to Rs. 582.79 crores from Rs. 771.74 crores last weekend.

- PTI

Send this article to Friends by E-Mail

Section  : Business
Previous : Tata Chem announces buyback
Next     : Concern over unrealised export proceeds