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Point 5K is so near yet so far for Sensex, markets steady

The Bombay Stock Exchange opened on a firm but not buoyant note. Dealers attributed the lack of heavy buying to the Tuesday factor: the weekly settlement ends today at the National Stock Exchange. So short-term operators were seen squaring off long positions, they said.

The BSE Sensex opened lower by 11.38 points at 4894.51. The S&P CNX Nifty of the NSE opened lower by 5.15 points at 1416.35. At 1530 hours IST, the Sensex was at 4898, down 8 points while the Nifty was at 1414, down seven points from Monday's close. Pivotals rebounded in the later stages of trading today.

But a turnaround in the week ahead cannot be entirely ruled out, dealers said.

Apparently, financial institutions and mutual funds feel Monday's rally towards the 5000 mark was too sharp for their comfort. A correction downward will bring shares prices to realistic levels in the present context. No hectic buying was witnessed from their quarters on Tuesday morning.

At the inter-bank foreign exchange market, the rupee was at 43.46 against the US dollar, up three paise from yesterday's closing level of 43.49.

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