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Tuesday, Jan 13, 2004

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Uptrend halted on BSE


MUMBAI, JAN. 12. The stock market discounted a host of positive developments and stocks beat a hasty retreat, pushing the Sensex down by 52 points in continued volatile conditions on the Bombay Stock Exchange today on fresh sell-off by domestic financial institutions and profit booking by operators.

The key driver, foreign institutional investors, which might remain net buyers for the day, were believed to be switching over from one portfolio to other promising blue chip counters in a bid to take maximum profits.

Snapping the three-session gaining streak, the BSE benchmark 30-share index which opened sharply up at 6152.22, later turned weak and gradually moved downwards to the day's low of 6037.30 before ending at 6067.76 against last Friday's close of 6119.59, netting a fall of 51.83.

The market failed to hold ground after the Sensex peaked to all-time record high at 6249.60 at early stages on Friday despite a host of positive factors including sweeping tax cuts ahead of interim budget and better-than-expected Q3 results announced by IT major Infosys Technologies last weekend.

Brokers attributed the negative turnaround to heavy selling pressure from Indian financial institutions led by the Unit Trust of India. Operators succumbed to the pressure and booked profits at the prevailing higher levels.

A leading foreign fund reportedly was heavy seller in refinery shares such as GAIL and ONGC.

— PTI

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