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Sensex sheds seven points
Partha Pratim Sinha
Mumbai, Nov 16: The movement in the market is getting narrower with eachpassing day. And market players seem desperate for new boosters which canbring in some activity into the bourses which, according to brokers, looksextremely dull. On Tuesday, while the BSE Sensex closed a marginal 7.05points down at 4578.87 points, the S&P CNX Nifty on the NSE closed 4.95points down at 1,357.75. According to market players, trading was dull andwithout much volume in most of the counters. ``The FIs, FIIs and thespeculators, all are waiting for new directions,'' said a dealer with adomestic broking house.According to another broker, the domestic institutions, however, are busyreshuffling their portfolios, and a number of second rung stocks are findingfavours with these entities. ``They are basically shifting from index-basedstocks to non-index based stocks,'' said the broker. On Tuesday, the Sensex traded in a narrow range of around 40 points- between4591.77 and 4552.47- and closed a marginal 7.05 points down at 4578.87. OnMonday the index had closed at 4578.87. On the other hand, the Nifty openedat 1362.30- also the day's high- and touched the day's low at 1351.40 andclosed marginally 4.95 points lower at 1357.75 points. Among the pivotals, Pentafour Software dipped near to its lower circuit butsoon recovered on the back of buying by domestic funds at the lower levels.However, according to dealers, domestic institutions were selling in theSatyam counter.But the recently listed Hughes Software scrip closed strongas the counter picked up steam during the closing hours on Tuesday. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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