Wednesday February 27, 03:30 PM
Bourses slide on budget eve... |
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By Equitymaster.com
The bourses seemed largely inactive going by their closing levels. However, behind this hectic activity could be felt, as the movers chose to selectively enter and exit some counters. With the budget 2002-03 coming up tomorrow, volatility in the bourses is here to stay.
The BSE Sensex closed at 3,700 (down 13 points) and the NSE Nifty closed at 1,187 (down 2 points). The rupee was trading at Rs 48.74 per US dollar.
The bourses opened higher this morning. But profit taking soon resulted in a no gain, no loss situation. The disturbing news of miscreants setting fire to a bogie carrying 'Kar Sevaks' to Ayodhya, was also responsible for select FIs offloading stock in anticipation that it will raise a political storm. If the tussle escalates, it is likely to upset the already shaky apple cart of the NDA government.
Cement sector was among the key gainers today. ACC, Grasim, Guj Ambuja and L&T, all finished up. Among PSUs, the buying was selective. HPCL, Hind. Zinc (HZNC.BO, news) , VSNL, Bhel (BHEL.BO, news) and RCF were the key gainers. However, BPCL, Gail (GAIL.BO, news) , MTNL (MTNL.BO, news) and ONGC were in the red. Profit taking was rampant in some of the stocks that were key gainers yesterday.
Yesterday's gainers, Dr. Reddy (REDY.BO, news) 's, Hindalco (HALC.BO, news) , Nalco and Indal bore the brunt of profit takers. Software was another big loser today. Almost all stocks finished in the red, following the Wall Street.
However, strength in index pivotals like HLL and Reliance (RELI.BO, news) saved the bourses from sliding further. Tomorrow being the budget day, volatility in sentiment is given.
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