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Fag-end buying pares major losses, Sensex down 76 pts

Fag-end buying pares major losses, Sensex down 76 pts
PTI
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First Published: Thu, Nov 22 2007. 04 46 PM IST
Updated: Thu, Nov 22 2007. 04 46 PM IST
Closing
Fag-end buying wipe off major losses, Sensex down 76 points
By NS
Mumbai, Nov 22 (PTI) A fag-end buying wiped off major losses on 22 November as the benchmark Sensex, after dipping to 18,182.83 points initially, bounced back to close at 18,526.32, still a loss of 76.30 points.
The wide-based National Stock Exchange index Nifty fell by 41.70 points to 5,519.35, after dipping to 5,394.35 during the day.
A steep rise in banking index by 178.53 points at 10,406.24 mainly pulled out the market but only to reduce losses.
Selling pressure was confined to segments such as realty, capital goods, metal, PSU, power, oil and gas and information technology and tech.
Afternoon
Mumbai: Sensex plunged nearly 420 points at midsession today on heavy selling by foreign funds over concerns about a crisis in the housing credit market in the US.
The BSE index fell 419.79 points at 18,182.83 at 1300 hrs, after swinging between 18,744.55 and 18,237.80 points.
The National Stock Exchange index Nifty slid 166.70 points to 5,394.35, after touching 5,608.65 points. Nifty Futures for November delivery dropped 0.2% to 5,530.
Overseas funds sold a net Rs1,072 crore worth of shares on 20 November, and remained net seller in last two trading sessions, marketmen said.
They said the US subprime mortgage remained the major issue before the global financial markets and mounted pressure on investors and funds to remain cautious.
Late Morning
Mumbai: ln high volatility, the stock market benchmark Sensex lost 219 points to touch 18,383.96 at 10:30 am in early trade.
Within minutes of opening of the market, the Bombay Stock Exchange barometer jumped to a high of 18,744.55 but later dipped to 18,330.35 as investors preferred to book profits at higher levels on negative FII activity.
The Sensex, thereafter, recovered marginally and was quoted at 18,383.96 at 10:30 am, up 218.66 points, from yesterday’s close of 18,602.62.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) also was quoted down at 5,471 at 10.30 am from yesterday’s close of 5,561.05.
Investors seem extremely cautious and preferred to reduce their exposure after Foreign Institutional Investors (FIIs) pulled out sizable funds from equity in the last couple of days, market players said.
They added that signs of recovery in a few Asian markets had some sentimental impact on the market in the initial 10 minutes of deals.
The Shanghai Composite was quoted in the red, while the Nikkei, Straits Times and Hang Seng staged a rally during early trade.
Opening
Mumbai: Sensex gained 142 points in early trade on the Bombay Stock Exchange today on emergence of buying by funds.
The 30-share index which had lost 678 points yesterday, bounced by 141.93 points to 18,744.55 in the first five minutes of trade.
Similarly, the wide-based National Stock Exchange’s Nifty also rose by 47.60 points to 5,608.65.
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First Published: Thu, Nov 22 2007. 04 46 PM IST
More Topics: Shares | Stocks | Sensex | Nifty | Rupee |