The Hindu : Business : Sensex slides further

Online edition of India's National Newspaper
Wednesday, Jan 10, 2007
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Business

Sensex slides further

MUMBAI: The Sensex continued to slide further on Tuesday and declined by 86 points on sustained selling by cautious investors and foreign institutional investors.

After the initial rally to a high of 13748.42, the Sensex later met with resistance and fell sharply to an intra-day low of 13493.38 before ending at 13566.33 against Monday's close of 13652.15.

The S&P CNX Nifty dipped by 22 points to close at 3911.40 against 3933.40.

Operators and retail investors remained cautious because of the forthcoming earnings season and booked profits in many frontline counters.

Foreign institutional investors pulled out about Rs. 788 crore in the cash section, as per provisional numbers and made withdrawals of Rs. 957 crore from the derivatives on Monday.

The market sentiment was also affected by indications that the government may reduce some tax exemptions in the forthcoming Union Budget.

Refinery shares continued their upward march following lower oil prices.

The market breadth was marginally negative.

Of the 2,704 traded shares, 1,382 counters registered losses while 1,273 others finished with gains. The trading volume was sharply higher at Rs. 5,166.80 crore from Rs. 3,742.62 crore.

Cairn India Ltd, listed on Tuesday ended at Rs. 137. It was the top traded share with the highest turnover of Rs. 445.56 crore.

The broad-based BSE-100 index dipped further by 44.35 points to 6878.44 from 6922.79.

Meanwhile, Asian markets exhibited an encouraging trend. Japan's Nikkei ended up by 146.18 points. But Hang Seng dropped by 131.58 points. — PTI

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