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Last Updated : Jul 03 1999 | 12:00 AM IST

The Bombay Stock Exchange (BSE) 30-share sensitive index slid by 45.08 points yesterday with unwinding of open positions from local operators and a slowdown in foreign and local fund activity .

The BSE closed 0.97 percent or 45.08 points lower at 4,594.12. The National Stock Exchange (NSE) index lost 18 points (1.48 per cent) to close at 1,309.75 against the previous close of 1,327.75.

A negative investment of Rs 94 crore last Friday by the foreign institutional investors (FIIs), shattered the speculators' confidence as they started profit-taking right from the opening of business in select high-priced shares. The markets are expected to open weaker today following possibilities of escalation of tension between India and Pakistan following the shooting down of a Pakistan naval aircraft by the Indian authorities.

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Dealers said sentiment was affected by comparatively high outstanding positions. "The net outstanding position yesterday was Rs 19.6 billion (at the BSE) which was higher by 2.7 billion over the previous day," said Arun Kejriwal, head dealer at Woodstock Securities.

Intra-day movement

The BSE sensitive index opened lower at 4,630.80 and gradually declined further to the day's low of 4,577.63 before closing at 4,594.12 as against the previous day's close of 4,639.20 points, registering a fall of 45.08 points or 0.97 per cent. The S&P CNX Nifty closed 18 points lower at 1,309.75 against a previous close of 1,327.75 after opening at 1,328.15 and touching an intra-day high of 1,328.40.

Broader movement

The BSE-100 index also dropped by 18.61 points to 2,027.79 from its previous close of 2,046.40. The BSE 200 and the Dollex were quoted marginally down at 463.19 and 177.48 compared with the previous close of 466.61 and 178.42 respectively.

The S&P CNX 500 also fell sharply, down 9.05 points to close at 916.75 against a previous close of 925.80. The CNX Midcap 200 also fell by 2.40 points to close at 813.95 against a previous close of 811.55.

Trading volumes at the NSE were strong with volumes touching Rs 2,990.53 crore while the total volume of business on BSE was substantially strong at Rs 2,504.47 against Rs 1901.35 crore recorded the previous day. Of the 148 traded specified scrips, 75 declined while 70 advanced, including 10 scrips which were locked at the upper permissible limit of 8 per cent and three closed steady.

Spotlight

Satyam Computer remained the most active scrip with a turnover of Rs 361.65 crore followed by Pentafour Software (Rs 270.34 crore), Ranbaxy (Rs 242.56 crore), Zee Telefilms (Rs 203.04 crore) and Telco (Rs 91.95 crore). The market leader Satyam Computer dropped by Rs 139 to Rs 1,732.

Satyam dipped following news that its foreign equity deal of fresh equity shares to be placed with foreign investors had to be pulled off at the last moment. The $100 million deal was called off by the company following weakening demand and wrong timing for the issue, officials said.

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First Published: Jul 03 1999 | 12:00 AM IST

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