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29 January 1998

Sensex below 52-wk low

MUMBAI, January 28: Bears tightened their grip on stock markets on Wednesday. Sensex fell below the 52-week low to 3,209.55 - down by 66.66 points - on massive across-the-board selling by foreign institutional investors.

The previous 52-week low level was 3247.63 recorded on December 11, 1997. With today's fall, Sensex has fallen by nearly 210 points in the last one week and experts predict further fall in the absence of support.

According to brokers, continuous selling by FIIs in the absence of adequate buying support from domestic financial institutions saw the Sensex plunge below the crucial mark of 3,250 during mid-session. ``The sharp fall in the stock indices with huge volumes signifies yet another phase of bearish mood in the market,'' commented a BSE broker. The BSE recorded a sharp jump of over 59 per cent in its turnover at Rs 994 crore. Brokers attributed the sharp fall in the indices to the jump in call and interest rates.

``The steady recovery in the rupee and the steep hike in the ratesoffered by banks on fixed deposits makes the stock markets more unattractive,'' said Neel Dalal, a BSE member. ``The 3,200-mark is a crucial level, once the index fails to get support at this psychological barrier, it's inevitable that we see a new low at 2,800 levels,'' he explained.

According to market sources, the net FII inflow till January 27 was a negative $57 million and the figure is likely to touch a high of $65 million in the next three trading sessions.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.


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