The Hindu : Business : Volatility marks trading on BSE

Online edition of India's National Newspaper
Wednesday, Mar 08, 2006

Business

Business

Volatility marks trading on BSE

MUMBAI: The stock market ended flat in an otherwise brisk activity and high volatility on Tuesday even as Sensex scaled another peak of 10,753.13 and Reliance Communication Ventures (RCoVL) remained the star performer for the second consecutive day.

Capital goods, cement and construction sectors were in keen demand following sustained investments by foreign funds as well as domestic mutual funds, brokers said. After rising to a new record high of 10,753.13 in early trading, the Bombay Stock Exchange's benchmark 30-share Index later fluctuated erratically between 10,753.13 and 10,661.62 before ending the day at 10,725.67 against Monday's close of 10,735.36, a net fall of 9.69 points.

A dramatic buying spree in realty stocks was credited to the Supreme Court's verdict in favour of property development by Mumbai mill owners.

ACC, Grasim, GACL, L&T, Siemens, ABB, India Bulls, Bombay Dyeing, Victoria Mills, Dawn Mills, Morarjee Mills, Phoenix Mills, Century Textiles and others scored impressive gains.

However, Infosys Tech, ICICI Bank, Satyam Computer, ONGC, Tata Steel, Tata Motor, Dr Reddy's Lab and TCS Ltd fell back substantially on profit selling. Market players were believed to be booking profits at the market's dizzy levels.

The volume of business was sharply up at Rs. 5,328.33 crore from Rs. 4,967.87 crore yesterday. — PTI

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