Sensex up 30 pts; surrenders initial gain

Sensex up 30 pts; surrenders initial gain
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First Published: Tue, Aug 07 2007. 04 47 PM IST
Updated: Tue, Aug 07 2007. 04 47 PM IST
Mumbai: The bulls surrendered their initial dominance at the Bombay Stock Exchange on 7 August with the bellwether Sensex closing with an increase of just 30 points after surging by over 239 points in the morning trade, following a slightly mixed trend in the Asian markets.
Dealers attributed early sharp recovery to allaying fears of US subprime mortgage problems and credit concerns as well as sharp recovery on Wall Street, but emergence of heavy selling after midsession by operators and retail investors pulled benchmark down.
After heavy offloading in recent few days, investors turned cautious and grabbed the opportunity to book profits at the day’s higher levels, leading to fall in later part of the day.
The Bombay Stock Exchange (BSE) 30-share sensitive index, Sensex, opened remarkably higher at 15,038.03 from overnight close of 14,903.03. It rallied further to the day’s high of 15,142.04 in late morning, a sharp recovery of 239.01 points.
But fag-end profit selling pulled the index down to close at 14,932.77, still showing a rise of 29.74 points or 0.2%.
The Sensex had tumbled by 235.37 points the previous day.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) also recouped by 16.85 points or 0.39% to close at 4,356.35 from previous close of 4,339.50.
Under the leadership of top heavyweight, RIL, refinery shares attracted renewed buying support following sustained decline in global crude oil prices below $71 a barrel.
After resuming on a firm note, Asian markets also showed narrowly mixed trend at close today.
According to brokers, global reasons are already factored in the current share values and the market might consolidate in a range of 14,700 and 15,500 before making any move either side.
FIIs remained net sellers for the last few days and they sold shares worth Rs1,395 crore (provisional) on 6 August while domestic institutional investors picked up shares worth Rs500.69.
The trading volume rose to Rs4,456.57 crore from Rs4,327.93 crore on 6 August.
The broad-based BSE-100 index moved up by 31.11 points to 7,716.18 from previous close of 7,685.07.
The BSE-200 index and the Dollex-200 were quoted higher at 1,828.10 and 753.55 at close, compared to previous close of 1,820.71 and 749.99 respectively. The BSE-500 Index looked up by 24.16 points to 5,858.50 from last close of 5,834.34 and the Dollex-30 ended higher at 3.035.35 from 3,027.24.
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First Published: Tue, Aug 07 2007. 04 47 PM IST
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