The Hindu : Business : Late buying trims loses on the BSE

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Wednesday, Apr 06, 2011
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Late buying trims loses on the BSE

MUMBAI: In choppy trading on Tuesday, the Bombay Stock Exchange sensitive index, Sensex, fell nearly 15 points from the three-month high as investors booked profits amid high crude oil prices, inflation concerns and weak global cues.

The BSE 30-share barometer logged a fresh three-month intra-day high of 19770.21 before dipping over 178 points in afternoon trading to a low of 19523.54 on heavy sell-off. Fag-end buying helped it close at 19686.82, down just 14.91 points. On Monday, it had moved up by over 281 points or 1.45 per cent, garnering 1862.68 points or 10.44 per cent in 10 sessions since March 22.

The NSE 50-share index, Nifty, however, settled steady just about making it in the positive zone at 5910.05 from Monday's close of 5908.45.

High oil prices have raised concerns about a higher subsidy bill for the government, inflationary pressures and high interest rates, marketmen said. Selling in heavyweights like L&T, ICICI Bank, HDFC, RIL, M&M, HUL, Tata Power and ITC weighed on the market.

Rupee at 5-month high

The rupee on Tuesday rallied for the fourth straight trading session to close up by 17 paise at nearly a five-month high of 44.42/43 against the U.S. currency on heavy capital inflows amid sale of dollars by exporters and some banks despite flat equities and a firm dollar overseas.

At the interbank foreign exchange market, the rupee opened strong at 44.44/45 from last weekend's close of 44.59/60.

Later, it moved in a range of 44.50 and 44.3950 before settling at 44.42/43. — PTI

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