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Sensex surrenders early gains, end with moderate fall

Sensex surrenders early gains, end with moderate fall
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First Published: Tue, Aug 14 2007. 04 23 PM IST
Updated: Tue, Aug 14 2007. 04 23 PM IST
The benchmark Sensex failed to hold on to early gains on 14 August, ending with a moderate loss of over 16 points on emergence of profit selling in blue-chip stocks.
The BSE 30-share index, which commenced higher by extending previous day’s gains, rolled back to close at 15,000.91 as shares of capital goods, FMCG, healthcare and auto segments closed lower. It touched an intra-day high of 15,0069.64.
The Nifty declined by 3.45 points at 4,370.20, after touching a high of 4,394.30.
“Markets will remain uneasy until more clarity emerges on the extent of the subprime crisis,” Delhi-based broker Amit Malik said.
With weakness in the market, sectoral indices such as capital goods index lost 34.88 points at 12,780.51, auto index by 14.34 points at 4,811.59, FMCG by 10.38 points at 1,921.78, healthcare by 11.54 points at 3,629.60, while IT index lost 3.60 points at 4,761.44.
Indian shares opened stronger but then turned negative in choppy trade on Tuesday, 14 August, on a lack of consistent leads from Asian markets and as increasingly cautious investors avoided big trades ahead of a public holiday.
At 10:44am (0514 GMT), the benchmark BSE 30-share index was down 0.3%, or 45.17 points, at 14,972.04, with 20 components falling. The index is 5.7% down from its record of 15,868.85 hit on 24 July.
Shares in HCL Technologies Ltd. rose 2.4% to Rs325.05 after the No.5 software services exporter said its June quarter profit more than doubled to Rs4.9 billion, helped by a foreign exchange gain of about Rs2.5 billion.
ICICI Bank was up 0.9% at Rs883.30. Emkay Share and Stock Brokers said in a report the US subprime mortgage woes would not impact the bank, and maintained its “buy” rating with a price target of Rs1,180.
In the broader market, gainers outpaced losers 1,391 to 724 on volume of 87 million shares.
The Nifty, was down 0.32% at 4,359.70, testing a 4,360 support level nominated by Emkay, with 4,324 seen as the next support.
The Bombay Stock Exchange benchmark Sensex gained 62.43 in early trade today on sustained buying by foreign as well as domestic funds.
The Sensex, which gained 149 point on 13 August, rose further by 62.43 at 15,069.64 in the first five minutes of trading.
Similarly, the National Stock Exchange index Nifty rose by 20.65 at 4,394.30 points.
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First Published: Tue, Aug 14 2007. 04 23 PM IST
More Topics: Stocks | Sensex | Money Matters | Equities |