Thursday, Jul 11, 2002
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MUMBAI, JULY 10. Equities suffered a sharp setback after a promising start, snapping the Sensex's five-session winning streak on the Bombay Stock Exchange today due to late sell-off by domestic financial institutions.
Starting on an optimistic note following announcement of higher-than-expected first quarter results by the IT major and one of the heavyweights Infosys Technologies, stocks later reeled under pressure as local funds reportedly led by Unit Trust of India booked profits at the prevailing higher levels.
The BSE benchmark 30-share index opened fractionally up at 3359.47 and later rose to the intra-day high of 3366.74 on the back of a early mild rally in Infosys and Satyam Computer. However, the Sensex later turned weak and dropped sharply to close at 3332.36 against 3358.58, netting a fall of 26.22 points. The broad-based BSE-100 index dipped by 14.25 points to 1676.25 from 1690.49.
Market sources cited an overnight sharp fall on Wall Street that pushed the Nasdaq Composite Index and the Dow Jones Industrial Average down by 24 points and 178.81 points respectively, as one of the reasons for late selling pressure. PTI
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