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Sensex dips by another 75.97 points

MUMBAI NOV 7. Sustained hectic profit selling, particularly in key heavy-weighted counters, pulled down the Sensex by a whopping 75.97 points to close below the crucial 5000-mark at 4971.57 on the Bombay Stock Exchange on Friday, completing a three-session losing streak.

Frontline stocks like Reliance, Infosys Technologies, Hindustan Lever, BHEL, Dr. Reddys', Ranbaxy, HCL Technologies, Hero Honda, ITC, L&T, Satyam Computers, Telco and Tisco bore the brunt of the heavy profit-sales by local funds and retail operators, dealers said.

Boosted by positive overnight advices from Wall Street, the Sensex opened on a firm note at 5071.20 against the previous close of 5047.54 and touched a high of 5092.70, before meeting strong resistance and succumbing to renewed profit-taking. It dipped to a low of 4965.50 before settling at 4971.57, a steep fall of 1.51 per cent.

IT and healthcare segment suffered sharp setbacks on profit-selling by institutional investors and operators, a dealer said, adding ``nervousness at higher levels induced operators to book profits''.

Defying the general bearishness, some of the refinery and fertiliser stocks attracted buying support.

Sterlite Industries was the most sought after stocks right from the onset of business and finished in the upper ten per cent price band on news that the company's newly-floated holding firm, Vedanta Resources, would go for an initial public offering on the London Stock Exchange (LSE). — PTI

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