Sensex, Nifty fall in narrow movements

Sensex, Nifty fall in narrow movements
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First Published: Wed, Jun 27 2007. 04 49 PM IST
Mumbai: The Bombay Stock Exchange (BSE) benchmark Sensex shed 70 points on 27 June after being trapped in a small range throughout the day on selective profit selling triggered by weak global cues.
After a feeble resistance shown in the past two days, the markets succumbed to selling pressure amid a slowdown in FII inflows and absence of short-covering, market players said.
The Bombay Stock Exchange (BSE) barometer changed the tracks after a promising start at 14,520.19 and touched the day’s low of 14,407.12 before ending the day at 14,431.06, a net fall of 70.02 points or 0.48% from the previous close of 14,501.08.
Tracking a further fall in the heavyweight ONGC, the broader S&P CNX Nifty of the National Stock Exchange (NSE) dipped by 21.75 points or 0.51% to 4,263.95 from the previous close of 4,285.70.
The market failed to sustain in view of continued global weakness and approaching expiry of June series, they added.
Asian markets exhibited weak trend. The Nikkei dropped by 217 points, Hang Seng by 98 points, Singapore’s Straight Times by 19.60 points and Taiwan Weighted Index by 21.53 points.
Metal, bank, auto and oil and gas shares came under pressure as operators and Foreign Institutional Investors (FIIs) squared off positions ahead of the expiry of June derivatives contract on Thursday, 28 June.
IT majors like Infosys Tech, Satyam Computers and TCS Ltd recovered smartly as the rupee showed signs of weakness against the dollar during the day.
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First Published: Wed, Jun 27 2007. 04 49 PM IST