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Selling pressure pulls Sensex down

The market witnessed across-the-board selling pressure. Old economy stocks, after witnessing a uptrend for more than three consecutive weeks saw profit booking, while new economy ones were under selling pressure following slump in the US markets. After remaining net buyers consistently for more than nine trading days, FIIs turned net sellers on the last day of the week ended Thursday, July 11. The day saw FIIs selling shares worth Rs 42 crore, while local funds were net sellers for Rs 50 crore. The Sensex closed the week 26 points lower at 3290 points.

Textile scrips were a mixed lot. Market heavy weight Reliance Industries after an initial bull run came under the selling pressure during the fag end of the week. The scrip closed the week at Rs 264.70 — Rs 2.10 points over the previous close. Raymond was also lost Rs 6.00 to close the week at Rs 114. Nahar Spinning, Zodiac Clothing and IPCL were among the losers. However, Century Textiles on the other hand continued its bull run for the fourth consecutive week with the scrip closing the week Rs 3 higher at Rs 70. The market will move in the narrow range. There will be a marginal uptrend in coming weeks after the recent correction. Forthcoming quarterly results is expected to provide the market some support. Investors can buy selective frontline stocks.