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Early gains not held on BSE

MUMBAI: After registering initial gains, the stock markets turned weak in the second half and the Sensex closed 55 points down on Monday on selling in shares of software firms on concerns that the rising rupee will hurt their export revenues and growth.

Majority of the IT counters were at the receiving end owing to sharp appreciation in rupee. Dealers said it impacts the revenue and profits. As a result, operators and retail investors went on a selling spree and booked profits in these counters. The Sensex, opened higher at 14044.71 and touched a high of 14067.07 on positive global advices.

Later, emergence of profit-booking at higher levels pulled it down to a low of 13861.38. It concluded at 13879.25 from last Friday's close of 13934.27, a fall of 55.02 points or 0.39 per cent. The S&P CNX Nifty also moved down by 6.20 points or 0.15 per cent to close at 4111.15 from 4117.35. Some of the banking and metal counters also attracted profit-selling.

However Reliance Industries recovered smartly, partly cushioning the Sensex fall. — PTI

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