The Hindu : Downward correction in Sensex

Online edition of India's National Newspaper
Wednesday, Sep 10, 2003

Business

Business

Downward correction in Sensex

MUMBAI SEPT. 9. Undergoing a technical downward correction, following a late bout of profit-selling, the benchmark shed 9.05 points to close at 4425.20 on the Bombay Stock Exchange, cutting short a three-session rally, despite a strong start that took it past the 4470-level in early deals.

Reluctant to keep long positions at current high levels, operators resorted to profit-selling towards the fag end of the day, resulting in a sharp erosion in share values.

A sharp rise in software major Infosys Technologies, however, helped reduce Sensex losses, boosted by news that the company had bagged a five-year Australian $75 million ($50 million) contract from Australian telecom major Telstra for software development and maintenance, dealers said.

The BSE-30 share sensitive index opened higher at 4458.64 and moved erratically between 4473.57 and 4398.09 before concluding at 4425.20 against 4434.25. The broad-based BSE-100 also eased by 7.38 points to end at 2322.31.

Barring a few IT shares such as Satyam Computer, HCL Technologies, Digital Global and Hughes Software that finished with losses, most of the others attracted good buying support. Index-based shares such as HLL, SBI, Telco, Tisco, BHEL, ITC, Bajaj Auto, Glaxo, HCL Technologies, HDFC, GACL, Ranbaxy and Satyam Computer closed with marked gains. — PTI

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