Sensex down 38 points as bulls liquidate positions
Mumbai--Continued bull liquidation, amidst absence of foreign institutional investors resulted in the Sensex losing close to 300 points in the last five trading sessions.
This continued even on Tuesday and the Sensex lost 38 points more below its previous closing while S&P CNX Nifty of the National Stock Exchange (NSE) was down by almost 12 points on its last day of current settlement on Tuesday.

Mutual funds led by the Unit Trust of India (UTI) were the main sellers and this prompted operators to offload their positions. According to an analyst the markets were struggling and even the FIIs were not buying aggressively but were instead selling on and off.

The Sensex opened marginally weak at 3495.99 as compared to Monday’s close of 3498.38 as Nasdaq gained only six points. However, it moved up slightly higher and reached day’s best level of 3510.68 after the FIIs released some buy orders but at the improved level domestic FIs sold heavily which led the benchmark to reach a lower level of 3434.88 before it settled at 3460.04, a loss of 38.34 points. Nifty followed suit and lost 11.60 points to close at 1115.60.
There were only five gainers in the Sensex, with most of the heavyweights except for Infosys down. Infosys Technologies saved the day for the Sensex, otherwise index heavyweights like HLL, which went down to a new low of Rs 177 before closing at Rs 184 and the downturn in ITC (down by 2.49 per cent at Rs 742.20) proved detrimental to the benchmark.
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