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Sensex
down 4 pts amidst dull trading
Our
Markets Bureau
Mumbai, Aug 10: The Stock Exchange
Mumbai (BSE) witnessed a lacklustre trading with the benchmark
Sensex falling by 3.4 points to close the day at 3316.21 points
amidst range-bound movements.
| 2.19 lakh Balaji
Telefilms shares auctioned on NSE |
The Balaji Telefilms counter on Thursday
witnessed an auction of 2.19 lakh shares on the National
Stock Exchange (NSE).
The auction was at an average market price of Rs 240.
The price is higher than Thursday’s closing price of Rs
229.25 on the NSE. The auction was for the settlement
ended July 23-27.
On Monday, 1.2 lakh shares were auction on the BSE at
an average price of Rs 264 for the same settlement period.
In the last few days there has been sharp increase in
volume in the Balaji counter and on some ocassions the
volume in a single day jointly on the BSE and the NSE
is almost 60-70 per cent of the outstanding shares. Sources
said that number of players in the market were short in
the Balaji counter. |
Trading was rather cautious with investors
still weary of the future impacts of the recent rating downgrades.
Gains in index-based old-economy shares such as RIL, RPL,
Grasim, SBI, Telco and L&T were offset by sharp to moderate
setback in HLL, ITC, Infosys Tech, Dr Reddy’s Lab, Cipla and
NIIT, which forced the Sensex to close in negative territory.
The market opened steady with buying interest seen in some
old and new economy stocks at lower levels. The benchmark
Sensex opened the day at 3312.50 points, went to an intra-day
high of 3335.71 points before closing at 3319.61 points, a
loss of 3.4 points. At The National Stock Exchange (NSE) the
S&P CNX Nifty closed the day at 1071.15 points, up 0.5
points.
The market moved in a narrow range in the afternoon trades
as buying interest was sustained in select new and old economy
stocks. Tech major Satyam Computer was firm. Castrol lost
early gains on selling pressure. Pharma stocks like Dr Reddy’s,
Ranbaxy and Cipla were subdued as selling continued. Telco
accelerated on rise in truck and car sales in July.
Cement counters rose on selective buying. United Breweries
moved up on shareholders approval for demerger of the company’s
brewery business. Reliance Ind remained slightly weak on selling
at higher levels. After downgrading the local currency ratings
by two international rating agencies, FIIs, the main driving
force also slowed down purchases affecting market sentiment.
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