Sustained selling from domestic institutions and local operators in two key index stocks MTNL and SAIL saw the Sensex retreating below the 4,300 level yesterday. The Sensex closed at 4,291.45, a loss of 32.37 points over the previous close of 4323.82.
Among the Navaratna scrips, Ongc was the major gainer while SAIL was the major loser, hitting the lower end of the circuit filter. Other Navaratna scrips moved in line with the trading sentiments. The ONGC scrip gained Rs 31.25 to close at Rs 353.50 while trading in SAIL was suspended at Rs 21.75, down Rs 2.25 over the previous close.
Four key stocks -MTNL, GAIL, IOC and Container Corporation in which the government had announced disinvestment plans, also figured among the major losers with MTNL and GAIL bearing the brunt.
More From This Section
The MTNL scrip hit the lower end of the filter
circuit at Rs 287, down Rs 31.75 over the previous close while GAIL closed at Rs 151.50, down by Rs 15.75.
Pharma scrips stole the show in a sagging market with key stocks hitting their 52-week highs during intra-day trading. Among the major gainers were Glaxo, which closed at Rs 456(+Rs 34), German Remedies at Rs 212.75(+Rs 19), Pfizer which hit the upper end of the filter circuit at Rs 320 (+Rs 19) and Parke Davis at Rs 211.75(+Rs 18.50) and SmithKline Beecham at Rs 406.50, a gain of Rs 20 over the previous close.
The Sensex saw a lot of volatility during intra-day trading , opening at 4326.81, zooming to an intra-day high of 4391.01 and touching a low of 4289.49. The BSE-100 index declined by 3.71 points to 1850.86 against the previous close of 1854.67. However, the BSE-200 and Dollex closed higher by 0.21 and 0.15 points to 408.75 and 190.20 against the previous close of 408.54 and 190.05 points respectively. Our Financial Bureau