The Hindu : Business : Sensex ends with moderate losses

Online edition of India's National Newspaper
Thursday, Oct 12, 2006
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Business

Sensex ends with moderate losses

MUMBAI: IT bellwether Infosys' attractive performance and revenue guidance notwithstanding, the Bombay Stock Exchange benchmark, Sensex, lost initial gains and closed with moderate losses as investors took profits at higher levels.

The 30-share sensitive index had spurted by more than one per cent to an intra-day high of 12514.03 after Infosys announced a 52 per cent year-on-year growth in net profit and revised upward its revenue guidance.

The gains, however, were erased later as the rally was short-lived due to heavy selling pressure from foreign institutional investors as also operators, who have been taking profits at higher levels for two days, brokers said.

The Sensex later closed at 12353.49, a net loss of 10.28 points.

Similarly, the National Stock Exchange's S&P CNX Nifty fell from the day's high of 3614.50 and closed at 3558.55 against the previous close of 3571.05. Sentiment was partly affected by mixed trend in Asia, where majority indices registered losses.

The IT sector was exceptionally firm with bigwigs such as Infosys Technologies, Satyam Computer, Wipro and TCS surging to a strong finish following a better-than-expected Q2 earnings by Infosys. As a result, the BSE IT index advanced by 131.95 points to 4584.87.

The market breadth was negative with 1,680 stocks showing losses against 823 gainers of the total 2,559 traded scrips. One 53 stocks touched the upper circuit at close while 118 others were stuck in the lower price band. — PTI

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