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Sensex drops by 12.42 points

Pivotals declined moderately on the Bombay Stock Exchange following speculative selling pressure and lack of buying support from foreign institutional investors.

The market opened on a better note but witnessed a sharp decline till midsession. However, moderate buying support by Unit Trust of India and reports of recovery in the Asian markets and GDR markets improved market conditions in the later afternoon trade.

Reflecting the trend, the BSE Sensitive Index opened at 3814.75, touched the day's high of 3820.37, fell sharply below the important mark of 3800 and touched the day's low of 3748.89.

However, the Sensex recovered by the end of session to close at 3790.82 points, showing a net loss of 12.42 points over the previous close of 3803.24 points.

The broadbased BSE National Index drifted lower by 4.95 points to 1639.21 points. The BSE-200 and Dollex Indices finished lower at 369.17 and 169.13 points as against the previous close of 371.39 and 170.53 points respectively.

The market has opened after the Diwali holidays. There was no settlement held last week, and the trading on Monday, October 27, will continue this week which will end on Friday, November 7.

The total turnover on the BSE reported during the day was at Rs 6 billion.

Tobacco giant ITC topped the list of turnover by registering highest turnover of Rs 1.9 billion, followed by Reliance Rs 995.2 million, SBI Rs 991.4 million, HDFC Rs 390.7 million and Tata Tea Rs 296.7 million.

Hectic activity was observed at the other counters like L&T Rs 201.1 million, TELCO Rs 176.2 million, MTNL Rs 118 million, Castrol Rs 96.6 million, TISCO Rs 95.3 million, Mah and Mah Rs 68.2 million, Hind Lever Rs 66.2 million, BHEL Rs 46.6 million, ACC Rs 39.8 million, Bajaj Auto Rs 33 million.

Good transactions took place at select counters in the B1 group like Pun Tract, TVS Suzuki, Infosys Tech, Satyam Comp, Rallis, LML, and Cipla.

UNI