Sensex Slips 57 Points

Mumbai, Nov 13: | Updated: Nov 14 2003, 05:30am hrs
A late-sell off in both the frontline and mid-tier stocks pushed the 30-share Sensex below the psychological level of 5,000 on Thursday in a volatile trading session. In late trades, rumours of additional margins to be slapped on the outstanding positions took a toll on the market.

The 30-share BSE Sensex lost 56.61 points to 4,949.16. The S&P CNX Nifty dropped by 23.85 points to 1,579.95. The FE FEfty index also lost 28.64 points to close at 1784.35.

As per market sources, rumours that exchanges may impose additional margins in both the cash and derivatives segments resulted in the market plunging in the last 40 minutes of trading.

However, technical analysts attribute Thursdays fall to a technical correction and said, the undercurrent is strong. It is to be noted in this context that Foreign Institutional Investors (FIIs) were net buyers to the tune of Rs 56.6 crore.

As per a dealer with a domestic brokerage Despite the markets opening firm on strong US indices, some operators began unwinding positions in the market on rumours that the exchanges may slap additional margins, as outstanding positions continue to remain stiff at about Rs 9,000 crore in the derivatives segment.