The Hindu : Business : Selling limits early gains in Sensex

Online edition of India's National Newspaper
Tuesday, Jul 20, 2004

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Business

Selling limits early gains in Sensex

MUMBAI, JULY 19. Late profit taking was on a par with initial gains in blue chip counters even as the Sensex on Monday notched up a gain of 24 points extending its winning streak to third consecutive session on the Bombay Stock Exchange here.

The BSE benchmark 30-share index which had risen past the 5000-mark in relatively slow movements, later fell to the intra-day low of 4942.43 due to selling pressure in the last 30 minutes of the session, before closing at 4975.40 against last Friday's close of 4951.17, a net rise of 24.23 points. The broadbased BSE-100 index moved up by another 11.77 points to 2658.90.

Operators, day-traders and arbitrageurs who were eagerly awaiting the announcement of transaction tax rate during the day, booked profits at the fag end after indications of delay in deciding the tax rate.

The Government said in the Rajya Sabha today that it would `revisit' the numbers on 0.15 per cent transaction tax on all securities proposed in the Union budget ruling out total withdrawal of the measure. Brokers said investors were interested in holding long positions unless they knew about the decision of the Government on turnover tax.

Foreign institutional investors, who reportedly made moderate purchases during the first half of the session, also booked profits at the fag end.

Key counters such as Tata Steel, Zee Telefilms, ONGC, Grasim, Dr. Reddy's Lab, Cipla, GACL, ICICI Bank and some others scored handsome gains on buying support. However, Tata Motors, ITC, HLL, Hero Honda, Hindalco and HDFC Bank finished with moderate losses. The volume of business has fallen to Rs. 1,656.26 crores from Rs. 1939.97 crores last Friday.

PTI

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