The BSE Sensex today hit a 11-month low, on heavy selling in two-wheeler stocks and in index heavyweights Hindustan Lever Ltd (HLL) and Reliance Industries. Despite gains in select tech and PSU stocks, the market could not recoup the losses, thereby recording its third consecutive fall in this week.
The BSE 30-share Sensitive Index (Sensex) crashed to a new 11-month low of 2,921.69 before closing the day with a loss of 21.60 points (0.73 per cent) at 2,938.06. The NSE S&P CNX Nifty closed at 948.20, down 7 points over its close on Wednesday.
The HLL scrip fell to a one-month low of Rs 163.90 amid worries of the company posting sluggish sales. The stock, however, recouped some of the losses towards the close but yet ended 1.10 per cent lower to Rs 166.85 on reports that its retail sales growth in August 2002 fell 8.52 per cent over sales in August 2001. Over 26.86 lakh HLL shares were traded on the BSE today.
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The Reliance Industries share was down 3.31 per cent to Rs 242.20 and Reliance Petroleum was down 2.65 per cent to Rs 22 as both scrips were hit by selling pressure from the institutions.
There was buying interest in select tech stocks on hopes of improved performances by these companies during the July-September quarter, but two-wheeler stocks declined amid fears of a slowdown in their growth rates. Some action was seen in stocks of a handful of public sector undertakings (PSUs) after prime minister Atal Behari Vajpayee said on Wednesday that the government was not abandoning its privatisation plans although its policies were open to debate.
Hero Honda Motor was down 6.09 per cent to Rs 233.60. The stock price slumped after the company recorded lower sales on a month-on-month basis in September as compared to August 2002. Bajaj Auto slipped 3.07 per cent to Rs 368.40.
Satyam Computer slipped from the day's high of Rs 214.10 to Rs 208.60 before settling at Rs 209.45, down 0.59 per cent over its previous close. Over 75.75 lakh Satyam shares were traded on the BSE today. Infosys Technologies, on the other hand, gained 1.66 per cent to Rs 3,468 and HCL Tech was down 1.31 per cent to Rs 208.60. Wipro pulled back from the day's high of Rs 1,390 to Rs 1,321.05 before settling at Rs 1,330, down 0.71 per cent over its previous day