The Hindu : Business : Uptrend halted on BSE

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Friday, Jun 10, 2005

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Business

Uptrend halted on BSE

MUMBAI: The Sensex snapped a five-session string of gains and on Thursday witnessed a downward correction of 26 points in restricted activity even as day traders took profits at higher levels amid a slowdown in inflows from institutional investors.

The BSE benchmark 30-share index opened steady at 6858.70 and later fluctuated in a narrow range of 6862.79 and 6813.20 before ending the day at 6832.53 against yesterday's close of 6858.24, a net loss of 25.71 points.

Operators remained cautious at the prevailing higher price levels in view of reduced net investments from foreign institutional investors as also domestic funds.

Attributing the negative reaction to profit selling by traders and retail investors, brokers said the market was still bullish and expected to touch the crucial 7000-mark once the monsoon hit coastal areas of Maharashtra and institutional investors stepped up activity.

News that the Government has promised to keep a watch on inflation to ensure price stability in the light of uncertainty in crude prices did not have any impact on the market.

Meanwhile, world oil prices stayed below $53 a barrel in Asian trade this morning.

Heavyweighted counters, including Infosys Technologies, ONGC, TCS, Wipro, Satyam Computer, ICICI Bank, ITC, HDFC Bank, Dr. Reddy's Lab and Ranbaxy suffered a setback due to selling pressure from traders.

However, HLL, BHEL, Bajaj Auto, HDFC, ACC, REL, Hindalco, L&T and HDFC recorded handsome gains on selective purchases by investors. — PTI

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