The Hindu : Business : Profit taking prunes gains on BSE

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Tuesday, Aug 31, 2010
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Profit taking prunes gains on BSE

Metal stocks in demand amid hopes of rise in steel prices

MUMBAI: The Bombay Stock Exchange benchmark index, Sensex, advanced by 34 points on Monday amid firm global cues though profit-booking in IT and FMCG stocks wiped-off most of the early gains.

Markets opened on a cheerful note in view of the strong performance of the U.S. market and good gains recorded by the Asian markets. However, profit-booking gradually trimmed gains and the Sensex ended at 18032.11, up 33.7 points from the previous close.

The 30-share barometer of the BSE had gained 218 points to hit a high of 18216.50 in early trade, helped by a smart rise in metal, consumer durables and auto stocks.

The National Stock Exchange's wide-based 50-share Nifty index closed at 5415.45, up 0.12 per cent.

Tata Steel zoomed 3.49 per cent to Rs. 527.96 and was the top performer in the Sensex pack after the steel major's European arm Corus decided to sell its Teesside cast products plant to Thailand's Sahaviriya Steel Industries for $500 million. Other metal stocks also attracted buying, amid hopes that steel prices may go up by next month.

Rupee edges down

The rupee ended almost steady on Monday at Rs. 46.91/92 against its last close of 46.89/90. It traded in a range of 46.76 to 46.93 during the session. — PTI

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