I-T raids wipe out early gains, market ends lower

I-T raids wipe out early gains, market ends lower
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First Published: Thu, May 10 2007. 04 51 PM IST
Updated: Thu, May 10 2007. 04 51 PM IST
PTI
Mumbai: Late selling wiped-off the initial gains on the Bombay Stock Exchange on 10 May, with the benchmark Sensex ending moderately lower by over 10 points on reports of income tax raids on two business houses.
The Sensex, which had recorded hefty gains of around 195 points, succumbed to nervous selling towards the fag-end and ended 10.28 points lower at 13,771.23. It touched a high of 13,976.79 and a low of 13,745.23 during the session.
Similarly, on the wide-based National Stock Exchange index Nifty ended 12.50 points down at 4,066.80 after moving between 4,134.20 and 4,057.55.
Brokers said the market experienced a steep fall on reports that income tax and CBI sleuths raided the premises of UFlex Ltd and HFCL, which triggered panic selling by funds.
They said the markets did not witness any major eventuality as metal, bank, consumer durable and FMCG sector stocks maintained their strength on sustained buying by foreign and domestic funds.
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First Published: Thu, May 10 2007. 04 51 PM IST
More Topics: Money Matters | Equities |