The Hindu : Business : Sensex witnesses resistance at 14000

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Friday, Dec 08, 2006
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Sensex witnesses resistance at 14000

MUMBAI: The stock market benchmark index, Sensex, breached the 14000 level for the third straight day on Thursday but again ended below the magic mark on profit selling by retail investors alternated by buying support. The BSE 30-share sensitive index was trapped in a relatively 87-point narrow range before closing at a new peak of 13972.03, a net rise of 23.03 points or 0.17 per cent over Wednesday's close of 13949.00.

The market has risen by a hefty 370 points or 2.72 per cent in a continuous uptrend for seven sessions from November 29 onwards but found strong resistance at 14000 level, which analysts considered crucial for a fresh bull phase. The broader S&P CNX Nifty of the National Stock Exchange, however, ended flat at 4015.35 from the previous close of 4015.95. Shares of capital goods, bank and oil gas firms attracted fairly good buying interest from institutional investors. Key counters such as Reliance Industries, SBI, HDFC Bank, ICICI Bank, BHEL, NTPC, Tata Motors and Hindalco scored handsome gains.

Infosys Technologies, HDFC, Bharti Airtel and ACC, however, registered marked falls. — PTI

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