After witnessing a short-term rally, stock prices reacted to profit-taking at higher levels on the stock market yesterday and ended moderately lower.
Stock brokers said a slow down in buying by foreign and domestic financial institutions further affected the market sentiment. They said end of settlement on the NSE further fuelled the selling spree on the market. The DSE sensitive index dropped sharply by 15.62 points or nearly 2 per cent at 769.56 points.
RIL shares came under profit-takers selling at higher levels and dropped by Rs 4.25 at Rs 166.10 while Tisco shares declined by Rs 2.75 to close at Rs 135. SBI shares also met with selling at higher levels and declined by Rs 3.50 to close at Rs 240.50. ITC declined by Rs 10.20 at Rs 610, HLL shares lost Rs 27 at Rs 1369, Nestle lost Rs 7 at Rs 277 while Smithkline Beecham shares fell Rs 10.25 at Rs 327. IPCL, ICICI, Bajaj, Hero Honda, Escorts, IFCI, Telco, Oriental Bank, Arvind Mills, Asian Hotels and BSES also reacted to selling. Among cash shares, HDFC Bank, BoI, Global Trust Bank, Reliance Capital, Reliance Petroleum, Colgate on profit-takers selling.
