Stocks fail to maintain initial gains, bankex leads fall

Stocks fail to maintain initial gains, bankex leads fall
PTI
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First Published: Mon, Feb 25 2008. 04 27 PM IST
Updated: Mon, Feb 25 2008. 04 27 PM IST
Noon
Mumbai: The Bombay Stock Exchange benchmark Sensex fell 211 points in afternoon trading, wiping off initial gains, as funds indulged in booking profits.
The 30-share index, which commenced the day with a gain of 170 points, fell 211.08 points at 17,137.99 at 1230 hours as banking stocks suffered the most.
Banking stocks dropped after investors felt the swap ratio set for HDFC Bank’s takeover of Centurion Bank of Punjab was below expectations, and sparked selling in the banking sector stocks. The banking index fell by 227.53 at 9,922.69.
In a similar fashion, the wide-based National Stock Exchange’s Nifty dropped by 55.60 points at 5,055.15 as most of the heavy-weight stocks turned weak.
Meanwhile, stocks of Reliance Power rose Rs 8.65, or 2.1 per cent, to Rs 425.50 after the company said it will give non-promoter stockholders three bonus shares for every five held.
Opening Bell
The Bombay Stock Exchange benchmark Sensex gained 175 points in initial trade Monday on buying in bluechips led by Reliance Power.
The Sensex, which lost nearly 4% last week, gained 174.74 points to reach 17,523.81 on heavy buying sparked by Reliance Power announcement of three bonus shares for every five held in the company.
The wide-base Nifty of the National Stock Exchange gained 56.25 points to 5,166.90 as most of index-related stocks rose sharply.
Shares of RPower was quoted at 429.30, up 2.99%, in early morning trade on the BSE.
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First Published: Mon, Feb 25 2008. 04 27 PM IST