Thursday, Apr 14, 2005
Thursday, Apr 14, 2005 |
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MUMBAI: Notwithstanding a couple of positive developments, the market lost initial gains on Wednesday and ended flat as traders took profits at higher levels even as investors hedged positions in the latter part of the session. Breaching the 6500-mark at the initial stages, the BSE benchmark 30-share index later turned weak and moved irregularly in a narrow range on alternate bouts of buying and selling before ending at 6467.92 against yesterday's close of 6464.61, a net gain of 3.31 points. The market discounted reports that Life Insurance Corporation was likely to make sizable investments in equity during the current fiscal and announcement by HDFC and HDFC Bank of encouraging performance in the financial year ended March 31. A sharp fall in global oil prices also failed to have any desired impact on the market. Crude futures dropped to $51.39 a barrel in Asia trade. Attributing the low volume to reduced participation by operators and retailers, brokers said investors kept away from making major purchases despite anticipation that IT major Infosys Technologies will come out with excellent performance even as the company is likely to reduce its guidance— PTI
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