The Hindu : Business : Initial gains not held on BSE

Online edition of India's National Newspaper
Wednesday, Oct 11, 2006
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Business

Initial gains not held on BSE

MUMBAI: The stock market ran out of steam after an initial rally and the Bombay Stock Exchange benchmark Sensex closed flat for the second consecutive day on Tuesday as investors squared up their positions ahead of IT bellwether Infosys Technologies' results on Wednesday.

The Sensex fell from the early high and closed at 12363.77, a net fall of 2.06 points from Monday's close of 12365.83.

However, the National Stock Exchange's S&P CNX Nifty edged up by 3.90 points to 3571.05.

Crediting the initial smart rally to the intra-day high of 12481.93 to strong Asian cues, brokers said the market failed to maintain higher levels as cautious investors squared their positions a day ahead of second quarter financial results to be announced by Infosys Technologies.

In Asian markets, the Hang Seng closed higher by 148.46 points, the Nikkei by 41.19 points, the Singapore ST Index by 26.15 points and the Kospi by 8.97 points.

Investors were unwilling to take risks by creating any long positions in shares before the IT leader Infosys released its Q2 earnings on Wednesday, stock brokers added.

IT counters, including Infosys, however, notched up modest gains on buying support from investors, which expected growth in earnings of IT companies.

Maruti Udyog, HDFC Bank, Bharti Airtel, ACC, Grasim, HDFC and Tata Motors also recorded moderate rises while RIL, SBI, Tata steel, HLL, L&T, ONGC and ICICI Bank showed losses. — PTI

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