Midsession: Sensex in negative as profit-taking emerges

Midsession: Sensex in negative as profit-taking emerges
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First Published: Tue, Jan 13 2009. 03 38 PM IST
Updated: Tue, Jan 13 2009. 03 38 PM IST
New Delhi: After a firm start, the Bombay Stock Exchange benchmark Sensex fell by nearly 75 points at midsession on Tuesday on profit-taking at improved levels and weak opening on the London Stock Exchange.
The Sensex, which recovered by over 150 points at one stage, fell back to quote 74.94 points lower at 9,035.11 at midsession after heavy-weight stocks of banking and metal sectors succumbed to profit-taking.
The broader 50-share National Stock Exchange Nifty was down by 31.70 points to 2,741.40 after rising to 2,802.60 in early trade.
Stock brokers said apart from profit-taking by speculators, weak trend in opening trade on the London Stock Exchange also triggered selling on the domestic bourses, wiping-off initial gains completely.
Sensex traded in green territory on Tuesday afternoon on account of positive sentiments brought by the announcement of third quarter results of Infosys Technologies.
Markets opened weak taking cues from Wall Street’s tumble of 1.46% and negative activity in some of the Asian markets.
The index bounced back in late morning trade but around noon traded flat with the 30-share BSE Sensex higher by 45.57 points at 9155.62 mark at 12pm and 50-share NSE Nifty was at 2773.65, a mere 0.55 points up at the same time.
Top losers of the BSE pack were Reliance Communications Ltd, lower by 7.56% to Rs166.25, Tata Motors by 5.81% to Rs152.45, Housing Development Finance Corp. by 4.36% to Rs1,551.05, Jaiprakash Associates by 4.26% to Rs66.35 and ICICI Bank Ltd by 3.88% to Rs421.
India’s No. 2 software company Infosys announced a 33.31% growth in consolidated net profit at Rs1,641 crore for the third quarter ended 31 December, 2008, thus pushing their stocks by almost 5.74% in initial trade.
The IT and Technology sector pushed indices up with Infosys taking the lead by 5.78% to Rs1,223.50, Wipro also traded 4.68% up at Rs238.
Other gainers were Ranbaxy Laboratories rising by 4.47% to Rs216.20, Reliance Infrastructure by 4.08% to Rs500.05 and Tata Consultancy Services Ltd by 4.05% to Rs532.50.
Meanwhile, Asian markets traded weak expecting dismal Q3 results after Sony hinted on posting their first operating loss in 14 years. Hong Kong’s index Hang Seng slipped to red and Japan’s Nikkei was down by almost 5%
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First Published: Tue, Jan 13 2009. 03 38 PM IST
More Topics: Sensex | BSE | NSE | Stocks | Infosys |