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.
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.
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.
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.