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Sensex down, but techs cut losses

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CIOL Bureau
New Update

MUMBAI: Shares closed over one per cent down on Monday at the Bombay Stock

Exchange, but came off lows as several tech stocks regained much lost ground on

late purchases by some foreign funds and speculators, dealers said.

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Blue-chip state-run firms in the telecommunication and refinery sectors

remained weak after being left out of a cabinet panel''s list for disinvestment

on Friday.

The top-30 share Bombay exchange index closed 1.09 per cent or 51.61 points

down at 4,670.09. The 50-share National exchange index finished 1.55 per cent or

22.85 points lower at 1,449.35 (provisional).

"The market recovered quite a bit of lost ground, but it is still quite

difficult to predict Tuesday''s movement, it will depend on the Nasdaq,"

said a dealer with a foreign brokerage.

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Most markets around the region are also waiting for the outcome of the

Federal Reserve''s Open Market Committee meeting on Tuesday and Wednesday which

is expected to deliberate on a possible hike in US interest rates.

Wipro shares staged the smartest recovery, coming off a low of Rs 2,430 to

end nearly 10 per cent higher than the previous close, at Rs 2,869.10. Some

dealers said there was big buying by a European fund. This triggered buying in

several other software shares. Others that came off lows were Satyam Computer

Services off Rs 2,736, at Rs 2,896.05 rupees, Infosys Technologies, off Rs7,861,

at Rs 8,089.40, SSI Ltd , off Rs 2,676.35 at Rs 2,924.45 and Kale Consultants

off Rs 1,550 at Rs 1,590.

Among the telecom shares, Mahanagar Telephone Nigam Ltd ended Rs 9.55 lower

at Rs 201.65 but Videsh Sanchar Telephone Nigam was Rs 23.80 higher at Rs

1,259.85 ahead of Tuesday''s board meeting for a bonus issue.

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Data from the Bombay exchange showed 660 advancing issues, 525 declining

issues and 84 unchanged issues. The total traded volume was 57.92 million

shares.

In the derivatives segment, the 30-share Bombay exchange index June 2000

futures contract was last traded at 4,705 and the 50-share National exchange

index June 2000 contract was last traded at 1,459.00

(C) Reuters Limited 2000.

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