Business   

Sensex drops further

MUMBAI: Significant buying in technology stocks on Thursday failed to halt a downslide on the bourses for the second day in a row, with the Bombay Stock Exchange benchmark index settling lower by nearly 70 points after a volatile trading session.

The BSE 30-share barometer, Sensex, closed at 14186.18, down 69.75 points from Wednesday's close of 14255.93. It swayed nearly 240 points in intra-day trading between the high of 14362.58 and low of 14139.09.

While some foreign institutional investment (FII) buying was seen on select blue chip counters, domestic institutional and retail investors continued to take profit for the second day, said a broker.

The broader S&P CNX Nifty of the National Stock Exchange dropped by 18.75 points to 4179.50.

The information technology (IT) sector, however, bucked the trend and select stocks recorded smart gains for the second consecutive day on the back of appreciation in the U.S. dollar versus the Indian rupee. Attributing the volatility to heavy buying support from some leading foreign funds and bearish sentiment of the Indian investors, brokers said the market had entered the positive terrain after a bearish start but late selling spree by retailers erased the gains.

The Asian markets also exhibited a steady to subdued trend during the day and could not influence the Indian bourses.

IT majors Infosys Technologies, Wipro, Satyam Computers and TCS attracted fairly heavy buying interest. Other Sensex heavyweights, including RIL and SBI, registered marked falls — PTI

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

Stories in this Section

Cos. allowed access to cable landing stations
Signet to set up PV plants
ONGC strikes oil, gas
Nepal, India hold meeting on power exchange
Biotech industry revenue touches Rs. 8,300 cr.
GAIL to infuse Rs. 500 cr. in Ratnagiri power project
Rupee continues to slide
Sensex drops further
Exchange rates
Bullion rates
Educomp to acquire Singapore firm
TV18 group floats E18
A. K. Purwar joins Caparo group
SEBI suspends registration of 3 cos.
Record handling by Kolkata Dock System
IBM to modernise CBDT infrastructure
Sify ties up with Australian firm
IFC to take stake in Lanco Power
Sundaram Brake net profit up
VIP Industries pays Rs. 2.50 per share

Copyright © 2007, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu