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Sensex declines moderately

Pivotals declined moderately on the Bombay Stock Exchange on Wednesday following selling pressure from foreign institutional investors and speculators.

Reflecting the bearish trend, the BSE Sensitive Index opened at 3805.14 points, touched the day's high of 3807.45 points, fell sharply below the important mark of 3800 to touch the day's low of 3759.16 points, and later recovered partially to close at 3778.23 points, showing a net loss of 27.72 points over the previous close of 3805.95 points.

Similarly, the BSE-100 Index drifted lower by 9.63 points to 1634.34 points as against the previous close of 1644.07 points.

The BSE-200 and Dollex Indices closed lower by 2.29 and 0.95 points to 367.53 and 168.29 points as against the previous close of 369.82 and 169.24 points respectively.

According to marketmen, slowdown in Indian economy have affected the overall market sentiments. The FIIs selling pressure in select counters also changed directions, they said.

The FIIs today sold 500,000 shares of ITC and considerable number of shares at select counters like MTNL, BHEL and some others, they said.

Indian Rayon Industries Limited posted a net profit of Rs 1.01 billion for the first six months of the current financial year, registering an increase of Rs 11.1 million from Rs 998.4 million reported during the corresponding period in the previous year. The Indian Rayon scrip closed higher by Rs 3.25 at Rs 202.00 on the BSE as against Tuesday's close of Rs 199.75.

Marketmen said that the decision of the postponement of the GDR issue by the Gas Authority of India Ltd also affected the market sentiments.

The total turnover on the screen-based trading system was Rs 6 billion.

Tobacco giant ITC topped the list of turnover by registering highest turnover of Rs 2.4 billion, followed by Tata Tea Rs 597.3 million, Reliance Rs 577.5 million, SBI Rs 473 million and L&T Rs 227.3 million.

Other actively traded scrips were MTNL Rs 206.8 million, TISCO Rs 169.1 million, Castrol Rs 140.6 million, TELCO Rs 140.6 million, BHEL Rs 70.7 million, Steel Authority Rs 70.2 million, ACC Rs 55.7 million, Hind Lever Rs 49.6 million, IPCL Rs 44.1 million and Hero Honda Rs 39.9 million.

Hectic activity was witnessed in the B1 group at the counters led by LML Rs 24 million, Orchid Rs 20.4 million, Infosys Tech Rs 19.8 million, Satyam Comp Rs 15.3 million, Marico Ind Rs 14.2 million, Birla VSL Rs 13.8 million, Cochin Ref Rs 13.4 million, Carr Aircon Rs 12 million, Software Sol Rs 1.01 million, and Mukand Rs 10.1 million.

UNI