The Hindu : Business : Early gains not held on BSE

Online edition of India's National Newspaper
Wednesday, Apr 20, 2005

Business

Business

Early gains not held on BSE

MUMBAI: The Sensex on Tuesday ended in the negative terrain for the third straight session with a fall of 22 points at 6134.86 on the Bombay Stock Exchange after heavy selling cut short an early sharp rally due to lower than expected earning results by TCS.

In highly volatile trading, prices resumed on a cheerful note and rose further smartly on heavy all round buying. However, shares met with fresh selling at the prevailing higher level and not only surrendered most of the early gains, but several counters closed with sharp losses. Selling pressure was so heavy that even firm overseas trend was discounted, a broker said.

The BSE benchmark 30-share sensitive index opened on a better note at 6181.39 against yesterday's close of 6156.78 and rose further sharply to the intra-day high of 6269.75. Later, it nosedived due to emergence of heavy selling and after touching a low of 6121.42, ended at 6134.86. TCS nosedived by Rs. 110.45 or 8.37 per cent to Rs. 1,209.75. Other big losers were Wipro, L&T, Satyam Computer, Hero Honda ITC, RIL, Wipro, Tata Steel, and Bajaj Auto due to heavy selling. However, HDFC, HDFC Bank, ONGC, Hindalco, Grasim and Tata Power found good support and closed better.

The broad-based BSE-100 index closed lower at 3310.14 against 3326.06. The volume of business rose to Rs. 1,930.13 crores from Rs. 1,752.82 crores.TCS closed with the highest turnover of Rs. 185.80 crores followed by Tata Steel (Rs. 120.37 crores), Infosys (Rs. 85.88 crores), Reliance (Rs. 81.09 crores) and SBI (Rs. 73.30 crores).

— PTI

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