The Hindu : Business : Sensex drops 16 points on profit taking

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Friday, Feb 11, 2005

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Business

Sensex drops 16 points on profit taking

MUMBAI, FEB. 10. The Sensex today turned weak and dropped by 15.70 points to 6577.83 at close on the Bombay Stock Exchange following profit taking at higher levels and key blue chip counters displayed fresh losses in mostly low key activity in the run-up to the budget.

Mirroring the market trend, the BSE benchmark 30-share sensitive index resumed higher at 6600.85 and rose to the day's high of 6608.96. However, profit taking drove the index to a low of 6533.97 even as a late pull-back rally managed to limit losses to post a closing quote of 6577.83, dealers said.

The global rating agency Moody's Investor Services have cautioned the Government that 10 per cent economic growth rate would not be attained without reining in the fiscal deficit, dealers said. Foreign institutional investors, who were keen buyers in mid-cap shares yesterday, generally kept their portfolios restricted. Local operators and investors who were also active buyers yesterday, turned heavy sellers who took profits at higher levels and a large number of blue chip shares suffered sharply bringing down the index notably, they said.

Some of the major gainers of the day were RIL, Tata Power, ACC, ICICI Bank, BHEL, HPCL, Cipla and Hero Honda on increased buying. However, HDFC, Hindalco, Maruti, SBI, Wipro, Bharti, HLL, Bajaj Auto and Tata Steel and ZEE Tele met with selling pressure and declined— PTI

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