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December 9, 1998
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IT raids on Pentafour, Sun push market to sell mode;
heavy scrips suffer setback; Sensex up 4.5 points, 2950.21
After a firm start, equities declined moderately
towards the fag end of session at the Bombay Stock Exchange on
sustained selling pressure by bull operators today.
Barring selected scrips like Hindustan Lever, Voltas, Novartis and
MTNL, most of the heavy weighted counters suffered major setbacks today.
The foreign institutional investors have made
purchases in selected scrips like ITC, MTNL, Reliance, Satyam
Computers, Glaxo and Corporation Bank, dealers said.
Reflecting the trend, the 30-scrip BSE Sensex opened at 2957.31
points, touched the day's high of 2979.51 points, the day's
low of 2946.23 points before closing at 2950.21 points, showing a
marginal gain of 4.57 points from the previous close of 2945.64
points.
The broad-based BSE-100 index advanced by 0.22 points to
1308.11 points against the previous close of 1307.89 points.
According to analysts, the market was due for a correction
after a continuous uptrend for the last four straight trading
sessions. Looking at the FIIs, selective buying operators offloaded
their positions during the last 30 minutes of trading, they
said.
Reports of raids conducted by income tax officials on BSE brokers
also made marketmen cautious. The IT officials have searched
premises of three brokers and verified some documents relating to
transactions of scrips of Pentafour Software.
The IT officials also carried out a similar search at the premises of another BSE broker
regarding transactions in Sun Pharma shares.
Share prices of Sun Pharma and Pentafour dropped significantly on
the BSE and NSE respectively. Sun Pharma lost by Rs 19 to Rs 280.50
and Rs 16.95 to Rs 279.05 at the BSE and NSE respectively while
Pentafour Software fell sharply by Rs 26 to Rs 500 and Rs 27.95 to Rs
499.05 at the BSE and NSE respectively.
Total turnover on the BSE reported during the day was Rs
12.77 billion. Satyam Computers topped the list of turnover
by registering highest turnover of Rs 2.03 billion, followed by
ITC Rs 1.74 billion, Pentafour Software Rs 1.36 billion, Zee Telefilms
Rs 1.03 billion and Reliance Rs 1.02 billion.
Other actively traded scrips were SBI (Rs 709.1 million), Telco
(Rs 434.9 million), Glaxo India (Rs 417.2 million), Castrol India (Rs
356.5 million), Hindustan Lever (Rs 282.8 million), Tisco (Rs 232.2 million),
Tata Tea (Rs 177.8 million), Infosys Technologies (Rs 150.1 million), L&T
(Rs 127.8 million) and MTNL (Rs 124.4 million).
UNI
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