The Hindu : Business : Sensex drops 87 points on profit taking

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Wednesday, Feb 15, 2006

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Business

Sensex drops 87 points on profit taking

MUMBAI: Shares succumbed to heavy profit taking and fell steeply, pushing the Bombay Stock Exchange Sensex sharply down by 86.62 points to close at 10,086.63.

The BSE 30-share sensitive index (Sensex), after a strong start at 10,180.51 against Monday's high closing of 10,173.25, shot up further to an intra-day high of 10,185.06 during early trading. Later, it plunged to a low of 10,064.46, before closing at 10,086.63.

Retail investors were taking profit at Monday's steep rally when the index had closed at a historic high, while foreign institutional investors continued to buy heavily, dealers said. Some dealers described Tuesday's fall as technical correction ahead of the Union Budget. Investors wanted to make their position safe before making any further commitments, they added.

Meanwhile, the FIIs, with a net investment of Rs. 614.40 crore on February 10, have already purchased shares worth Rs. 3,112 crore in the current month. However, they were net sellers worth Rs. 118.40 crore on February 8.

Bucking the general trend, HLL displayed remarkable rally on heavy buying prompted by excellent fourth quarter results.

Shares from IT, metal, capital goods and banking segments bore the brunt of selling and BSE-IT fell sharply by 61.34 points, BSE-Metal by 147.36 points, BSE-CG by 129.91 points and Bankex by 73.90 points.

The broad-based BSE-100 declined by 36.34 points to 5324.84. — PTI

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