The Hindu : Business : Uptrend halted on BSE

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Wednesday, May 11, 2005

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Business

Uptrend halted on BSE

MUMBAI: The Sensex on Tuesday turned weak and fell by 26.64 points, arresting the six-session rising streak on the Bombay Stock Exchange following fresh bouts of profit selling at higher levels.

The BSE benchmark 30-shares sensitive index started the day slightly better at 6486.08 against the previous close of 6481.35 and after fluctuating between 6494.91 and 6439.69, closed at 6454.71.

Describing Tuesday's fall as technical correction, brokers said in the last six sessions the index had risen by a steep 326.91 points or 5.31 per cent.

A large number of oil shares suffered sharply due to heavy selling on reports that public sector oil retailing firms had suffered a sharp loss of over Rs. 5,800 crores in the first six weeks of the current fiscal due to non-revision of petroleum prices in line with the rise in the global oil prices which has shot up to above $52 a barrel level, a broker said. Among petro shares, BPCL, IBP, IOC, Kochi Refineries and Chennai Petroleum were the major losers.

Elsewhere, auto, metal and select IT shares also fell sharply on heavy offerings, while, banking, cement and consumer durable segments were firm on renewed support. The index-based shares such as RIL, Infosys Technologies, ITC, HDFC, BHEL, Dr. Reddy's, Hindalco, Tata Motors and Tata Steelsuccumbed to heavy selling and weighed on the index.

PTI

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