The Hindu : Business : Late selling wipes out early gains

Online edition of India's National Newspaper
Saturday, Jan 14, 2006

Business

Business

Late selling wipes out early gains

MUMBAI: Late selling pressure in key stocks wiped out early gains and the Sensex on Friday ended flat as foreign institutional investors coupled with retailers took profits at higher levels amid announcement of excellent third quarter performance by Bajaj Auto. Sentiment was adversely affected by negative activity by the principal driving force — foreign funds. The FIIs have turned sellers since Tuesday after a hefty net investment of Rs. 2,683 crore in the first nine days of the month while domestic mutual funds reported heavy sales of Rs. 480 crore in the initial two days of the week.

The Bombay Stock Exchange benchmark 30-share index reacted negatively due to profit taking after rising sharply to the intra-day high of 9471.89 and closed at 9374.19 against Thursday's close of 9380.88, a net loss of 6.69 points.

Operators and retail investors too were taking profits at the current price levels, brokers said. Blue chip counters such as RIL, SBI, HDFC Bank, HDFC, BHEL, Grasim, TCS, Maruti Udyog, Satyam Computer, HLL, Hero Honda and Tata Steel recorded marked falls due to sustained profit taking by investors. — PTI

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