Business   

Sensex drops 30 points on profit taking

MUMBAI: In highly volatile trading, the Sensex on Thursday touched a new peak of 9679.72, but later turned sharply weak and closed 30.34 points lower at 9617.74 on the Bombay Stock Exchange on emergence of profit taking at higher levels.

Operators and retail investors were adopting a cautious approach ahead of the third quarter results by corporates such as Reliance Industries and Infosys Technologies next week, brokers said. The BSE benchmark 30-share sensitive index opened slightly lower at 9638.27 against 9648.08 and after moving erratically between 9679.72 and 9571.31, closed at 9617.74, revealing a moderate loss of 30.34 points. Prices of several blue chip companies had risen steeply in the last couple of days and the Sensex zoomed by more than 250 points since Tuesday.

Foreign institutional investors, however, continued their support and made a net investment of Rs. 466.60 crore on January 3. "The market was in a overbought position and operators took the opportunity to book profit at this time and play safe ahead of the third quarter results by corporates to be announced next week," a dealer said. — PTI

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

Rail container services open to private sector
PC sales go up 36 p.c. in H1
Maruti floor price fixed at Rs. 620
Sensex drops 30 points on profit taking
Microsoft showcases latest plans
Steel prices to remain firm: Irani
Le Meridien in Starwood fold
Auto dealers' concern over shrinking margins
India's textile imports from China up six-fold in 5 years
GOM reviews FDI policy
Rupee strengthens further
Exchange rates
Bullion rates
SBI to retain 15 p.c. of IMD money
OBC to raise Rs. 500 cr. in bonds
FMC Fund to be launched soon
Dollar at two-month low
Shell agrees to settle federal charges
L&T to raise $100 m through FCCB issue
IFC invests $600,000 in Turbo Tech
Ucal Fuel divests stake in Engelhard
IOB raises Rs. 250 cr. Tier-II bonds
Nitin Spinners fixes price band at Rs. 18-21
UTI Bank, UTI MF launch new service

Copyright © 2006, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu