Noon: Sensex trades choppy as profit trend reverses

Noon: Sensex trades choppy as profit trend reverses

Mumbai: In a choppy trade, the benchmark Sensex shed off early gains and slipped into negative zone with a fall of almost 148 points at 11:15am after speculators went booking profits at improved levels.

The Bombay Stock Exchange barometer, which rose by 96.12 points in opening trade, was down by 147.89 points to 9,829.09 at 11:15am.

The 30-share National Stock Exchange Nifty also fell by 49.60 points to 2,992.15 after gaining 34.45 points in the opening session.

Marketmen said apart from profit-taking by speculators, reversal of early trends on other Asian bourses, which surrendered most of the gains, also cast their shadow on the trading sentiments on the domestic bourses here.

Stocks of Satyam Computers led the fall in the technology sector stocks despite the company calling off its $1.6-billion deal to acquire two infrastructure businesses.

Satyam Computers on Wednesday tanked as much as 33% and witnessed its 52-week-low level of Rs151 in early trade on the bourses but recovered to Rs168, still down 25.83%.

Other losers, which pushed the Sensex into the negative territory, were capital goods, realty, oil and gas and metal sector stocks.

In morning trade major gainers were Reliance Industries, Grasim Industries, State Bank of India, HDFC Bank, ICICI Bank, HDFC Ltd, Bharti Airtel, Infosys Technologies, Larsen and Toubro, BHEL and Tata Steel.

Meanwhile, the Dow Jones Industrial Average closed 4.20% higher, and among Asian markets, Hong Kong’s Hang Seng and Japan’s Nikkei slip from opening gains as car industries stocks dipped.