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Our Bureau

Mumbai, June 5

Despite a positive start, sustained selling pressure across the board pushed the benchmark indices into negative territory.

The market belied expectations that Friday's optimistic trend would continue. Declines in some of the Asian markets on the back of fears of an economic slowdown in the US also added to bearish sentiment.

The trademark volatility came into play again with BSE Sensex witnessing a 351 point swing intra-day, from its open of 10,537.08 to a low of 10186.10, before ending at 10,213.48, down 237.85 from its previous close of 10,451.33. The Nifty lost 74.70 points to end at 3,016.65 down 2.42 per cent from its previous close of 3,091.35.

"The last 5-7 trading sessions have seen a loss of confidence. Traders and investors are not coming in to enlarge their positions. However, the market buckled when funds started selling Nifty stocks," said a broker.

Commenting on the market volatility, Mr Ketan Jhaveri, director, DH Securities said, "It is a difficult market. Right now only a patient investor will make money," he said.

According to the investment analyst, Mr Rajiv Sampath, the markets are in a state of confusion, with many waiting to book profits from around 12,600 levels.

The overall market breadth remained weak today with 648 shares advancing in comparison to the 1,754 shares that declined on the BSE. Only about 50 stocks remained unchanged. The total turnover on the BSE amounted to Rs 2,822.48 crore, which is lower compared to Rs 3,497.63 crore on June 2. On the NSE, the advances numbered 242 while declines stood at 666, with the unchanged total at 16. The Nifty saw 9 advances as against 41 declines.

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