The Hindu : Business : Sensex recovers early losses

Online edition of India's National Newspaper
Thursday, May 12, 2005

Business

Business

Sensex recovers early losses

MUMBAI: The Sensex on Wednesday recovered most of the early losses but failed to land in the positive terrain and eased moderately by 9.58 points to close at 6445.13 on the Bombay Stock Exchange on increased selling following weak global advices.

The BSE-30 share sensitive index opened sharply lower at 6420.25 against yesterday's close of 6454.71 and dropped to the day's low of 6380.76. Later, on revival of buying it rose smartly to conclude at 6445.13.

Negative overseas advices dampened sentiment to a large extent. On the Wall Street, the Dow Jones Industrial Average and the Nasdaq Composite Index dipped by 103.23 points and 16.90 points yesterday.

East Asian markets also showed a weak trend at close on Wednesday. The Hang Seng was down by 78.58 points, Nikkei by 38.76 points, Taiwan by 32.67 points and Kospi by 10.90 points.

Operators continued to take profit at prevailing levels and sold heavily in blue chip counters, while local mutual funds and foreign institutional investors gave support at lower levels towards the fag end, leading to smart recovery in select share values, dealers said.

Some of the bank and metal shares met with heavy profit selling and finished with marked to moderate losses, pushing down the Bankex and BSE-Metal index by 23.79 points and 37.76 points to 3713.27 and 5638.89 respectively. The fall in the Sensex was cushioned by a smart rally in some index-based counters such as Bajaj Auto, BHEL, Hero Honda, ITC, Maruti, Hindalco and HPCL.

The market is in a consolidated mode and likely to trade in 200-300 points range, expecting to face resistance at higher levels, an analyst said. The broad-based BSE-100 index moved further down by 9.74 points to 3463.53.

The volume of business was relatively low at Rs. 1,899.02 crores against Rs. 2,037.16 crores. Satyam Computer remained the top traded share with a turnover of Rs. 120.88 crores followed by RIL (Rs. 80.12 crores), HOEC (Rs. 65.35 crores), Infosys (Rs. 62.19 crores) and Tata Steel (Rs. 53.33 crores).

PTI

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