Market Jitters Trim 50 Points Off Sensex

Mumbai, July 16: | Updated: Jul 17 2002, 05:30am hrs
Uncertainty on the bourses shaved off 50 points from the benchmark BSE-30 Sensex, on worries about Indias response to the latest killings in Kashmir. Weakness in the market was also attributed to overall below average rainfall.

Dealers said that the fall in the market was aggravated with sharp losses in Sensex heavyweights: Reliance Industries (RIL), Hindustan Lever (HLL) and Infosys Technologies.

The BSE Sensex closed down 49.53 points at 3,229.18 points after opening flat at 3,279.50 points. The Sensex in early trades hit a intra-day high of 3,286.94 points. On the National Stock Exchange (NSE), the S&P CNX Nifty closed down 12.05 points to close at 1,035.95 points.

A dealer at a domestic brokerage said: Investors are skeptical of taking any position in the market and investors who had long-positions are trimming their positions on concerns about renewed tensions between India and Pakistan, following the massacre of 28 people in Kashmir by militants on Saturday.