The Hindu : Business : Early rally not sustained on BSE

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Saturday, Aug 05, 2006

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Business

Early rally not sustained on BSE

MUMBAI: The stock market failed to retain gains seen in early trading on Friday, as investors rushed to book profits that pulled down the benchmark Sensex 57 points lower than the previous close.

Reminiscent of last week's trading, the market snapped a four-day winning streak to end the week in negative territory. This time, however, the government's directive to public sector banks to roll back interest rate hikes and rising inflation played spoilsport. The day's trading saw the Bombay Stock Exchange 30-share sensitive index rising above the 11000level to a high of 11039.34 but later came under pressure and fell to an intra-day low of 10810.04 before ending at 10866.51 from Thursday's close of 10923.16, a net fall of 56.65 points or 0.52 per cent.

The National Stock Exchange's S&P CNX Nifty also dropped to 3176.75. After early indication on a momentum in buying by bulls, stock brokers said mutual funds and traders booked profits at higher levels in the latter part of day, ahead of release of the U.S. employment data for July, which might indicate a slowdown in the American economy. — PTI

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