Late selling wipes off early gains on Sensex

Late selling wipes off early gains on Sensex
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First Published: Mon, Jun 11 2007. 06 11 PM IST
Updated: Mon, Jun 11 2007. 06 11 PM IST
Mumbai: After surging ahead for nearly four hours of trading, the bulls today gave in to the bears, keeping just a marginal lead at the end of the day and the benchmark Sensex settled with a gain of mere 20 points.
After gaining over 200 points in the intraday trade, the Bombay Stock Exchange’s (BSE) 30-share barometer index closed at 14,083.41 points, up 19.60 points from its previous close of 14,063.81 points.
The Sensex kept in positive zone for more than four hours after opening on a strong note nearly 100 points higher at 14,170.81, but lost steam after hitting its day’s high at 14,268.91.
The Sensex even ventured into negative territory for a brief period towards the end of the trading session, hitting a low of 14,057.63, but managed to settle with a modest gain on the back of some late-hour buying in select blue chips.
The National Stock Exchange’s (NSE’s) 50-share index Nifty settled just 0.60 points higher at 4,145.60, after hitting a high of 4,205.20 and low of 4,134.95 in the intraday trade.
Two-wheeler major Hero Honda, tobacco-to-FMCG giant ITC and Birla Group’s aluminium making firm Hindalco were the three biggest gainers among the 30 Sensex scrips, registering gains between 2.0-3.5%.
Shares of housing finance giant HDFC and IT major Infosys also advanced by more than one per cent, followed by modest gains in HDFC Bank, NTPC, Reliance Industries, BHEL and Satyam Computer.
Anil Ambani group’s Reliance Communications was the biggest loser on the Sensex, with over two per cent fall in its share price, followed by losses ranging from 1-2% in the shares of Grasim Industries, SBI, Dr Reddy’s Labs, Tata Steel and Wipro.
IT, energy and FMCG counters, while relatively weak trend was noticed in the bank, consumer durables and auto stocks.
Midcap and small cap stocks were seen at the receiving end, while recording relatively intense selling activities as against the large-cap shares.
Both the BSE Mid-cap and Small-cap indices closed in the red, as against modest gains registered by the Sensex, BSE-100, BSE-200 and BSE-500 indices.
The overall market breadth was also negative with just 44% stocks on the BSE moving higher, as against fall in over 52% shares. Among the Sensex stocks, 12 moved higher and 18 settled in the negative territory.
Reliance Natural Resources, IFCI, Dena Bank, Reliance Petroleum, SAIL and GV Films were among the most traded stocks on the bourses.
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First Published: Mon, Jun 11 2007. 06 11 PM IST
More Topics: Money Matters | Equities |