Financial News
Sensex ends 44 pts down on profit taking
SifyFinance   Oct17,2006


The Sensex spurted to a new all-time high of 12,994.45 in a flash after it opened with a positive gap of around 53 points at 12,981.53 this morning. But then, it fell into the red immediately thereafter as weak Asian markets forced the participant on to a defensive mood.

Though it managed to stage a couple of smart rallies from lower levels, the market never really looked strong enough to bounce back into the positive territory today as investors kept booking profits at every noticeable rise. The market appeared to have factored in the strong results from Tata Consultancy Services, which had released its quarterly earnings after market hours yesterday, and HDFC Bank.

While the Sensex, which plunged to a low of 12,819.35 in intra-day trades today, ended with a sharp loss of 44.35 points or 0.34% at 12,883.83, the National Stock Exchange's 50 stock Nifty index posted a loss of 8.95 points or 0.24% as it settled at 3715. In intra-day trades, the Nifty hit a high of 3742.50 and 3691.35 respectively.

Thanks to sustained buying almost right through the day, software major Satyam Computers recorded a handsome gain of 3.3% today. BHEL moved up by nearly a per cent. Hero Honda surged 1.6% to Rs 757.95.

ICICI Bank, which attracted attention in late afternoon trade, notched up nearly one per cent. Tata Steel and Hindalco opened well but lost their way midway through the session before recovering well to close stronger by 0.85% and 0.65% respectively.

Wipro, State Bank of India, Baja Auto, Reliance Communications Ventures, Bharti Airtel and Reliance Industries chipped in with useful gains and limited the market's losses to an extent today.

HDFC Bank went down by as much as 3.55% despite fairly good quarterly numbers. Hindustan Lever lost 2.15%. NTPC (down 2.1%), HDFC (down 2%), Grasim Industries (down 1.65%), Tata Consultancy Services (down 1.45%), Ranbaxy Laboratories (down 1.4%), Larsen & Toubro (down 1.2%), Infosys Technologies (down 1.1%), Gujarat Ambuja Cements (down 1.1%), Cipla (down 1%), Reliance Energy (down 0.95%) and Dr. Reddy's Laboratories (down 0.9%) ended sharply lower.

Tata Motors, ITC, ACC and ONGC also finished in the red, losing 0.35% - 0.75% from their previous closing levels. Maruti Udyog ended with a minor loss at Rs 960.10.

Oil stocks Hindustan Petroleum Corporation, BPCL and GAIL India finished on the losing side once again due to sustained selling pressure. Jet Airways, VSNL, Zee Telefilms, Tata Power, Glaxo SmithKline, MTNL, Dabur India, ABB and IPCL also closed in the red with sharp losses. Sun Pharmaceuticals, Punjab National Bank, Oriental Bank of Commerce and Nalco settled slightly lower than their last closing levels while Suzlon Energy and Mahindra & Mahindra posted small gains.

Thanks to impressive quarterly results, HCL Technologies scored a sharp gain of 3.8% today. SAIL (3.7%) and Siemens (1.8%) were the other prominent gainers in the Nifty index.

Metal stock Hindustan Zinc vaulted 9.75%. Binani Industries, Shree Precoated Steels, Kalyani Steel, Lanco Industries, Bhushan Steel, Ispat Industries, Sterlite Industries, Gujarat Minerals and JSW Steel were among the other top gainers in the metal space.

Deccan Aviation (up 11.15% to Rs 108.902) was the most impressive gainer in the midcap space, which met with profit taking once again. Subex Azure, Emami, Jagran Prakashan, Bank of Maharashtra, Aztec Software, CMC, Penland, Entertainment Network of India, HT Media, Opto Circuit, Alembic, Titan Industries, Himatsingka Seide, Yes Bank, TV 18 and Bharati Shipyard also gained smart ground today.

The market breadth remained weak right through the session. Out of 2556 stocks traded on BSE, 1646 stocks ended in the negative terrain today. 838 stocks closed on a positive note and 72 stocks finished unchanged from their previous closing levels.

Sensex ends 44 pts down on profit taking
Corus board confirms Tata offer at 455 pence/share
Rupee ends higher, bonds close lower
Tech Mahindra ends 52 pct up on market debut
GDP growth to stay above 8%: survey
BMW to begin production in India
Reliance Comm to launch NGN-based services
Microsoft to step up R&D operations in India
SEZ policy: RBI frowns on revenue implications
'UAE Exchange' turns to IT, real estate
Sensex ends 44 pts down on profit taking
  Home | Contact Us | Privacy Policy | FAQs | Registration  
  © Copyright 2006 Quote News.com All Rights Reserved.