The Hindu : Business : Market snaps six-day gaining streak

Online edition of India's National Newspaper
Saturday, Nov 18, 2006
ePaper

Business

Business

Market snaps six-day gaining streak

MUMBAI: The Bombay Stock Exchange cut short a six-day-long winning streak on Friday and shed 76 points, adjusting to a downward correction to close at 13429.48.

Domestic mutual funds and operators were believed to be heavy sellers amid a slowdown in foreign institutional investment inflows.

After setting new records regularly in the past six days, the BSE 30-share sensitive index (Sensex) moved downwards to an intra-day low of 13383.43 before closing at 13429.48, a net loss of 76.41 points from Thursday's close of 13505.89.

An erroneous entry of the opening quote for heavyweighted Infosys Technologies, however, led the key index to touch a new peak of 13678.04 when trading opened.

The National Stock Exchange's S&P CNX Nifty eased by 24.05 points to 3852.80.

Infosys Technologies opened at Rs. 2,401 against the last close of Rs. 2,194.25, leading to a sharp jump in the Sensex.

Operators and retail investors took profits on the last day of the week, brokers said.

The downtrend was attributed to a slowdown in inflows from foreign institutional investors (FIIs), who were heavy buyers in the initial four days of the week.

Terming the slide as a correction after a sharp rally of 3.32 per cent in the last six days, brokers said. — PTI

Printer friendly page
Send this article to Friends by E-Mail

Business

News Update

Stories in this Section