Online edition of India's National Newspaper
Saturday, Dec 09, 2006
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Online edition of India's National Newspaper Saturday, Dec 09, 2006 ePaper |
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MUMBAI: Taking a cue from weak global trend, the stock market on Friday cut short a seven-day gaining streak with both Bombay Stock Exchange Sensex and the National Stock Exchange Nifty closing sharply lower as investors took profits at the weekend. After crossing the 14000-mark during initial trading, the BSE 30-share sensitive index moved downwards to the day's low of 13756.86. It later closed at 13799.49, a net fall of 172.54 points or 1.23 per cent from Thursday's close of 13972.03. The slide, which was seen as a necessary correction after the bull phase, has been attributed to foreign institutional investor (FII) pull out in the cash and derivatives segments on December 7 as well as profit taking by retail investors at the weekend. The broader S&P CNX Nifty of the NSE dropped by 53.35 points or 1.33 per cent to 3962. The FIIs withdrew Rs. 153 crore in the cash (provisional) segment and Rs. 281 crore in the Futures and Options (F&O) segment on Thursday. Retail investors and operators squared up positions by taking profits on the last day of the week, brokers said. Refinery stocks were at the receiving end. RIL, ONGC, Indian Oil, HPCL, BPCL, GAIL and Aban Offshore registered sharp falls, pulling the BSE Oil & Gas index by 137.91 points or 2.21 per cent to 6095.46. — PTI
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