Blue chips unloaded

STOCKS REPORT

The markets extended losses for the third consecutive day today as investors booked profits in blue chip shares.

The Bombay Stock Exchange's (BSE) 30-share Sensex hit an intra-day high of 5,545.73 and a low of 5486.41 before closing at 5,511.81, 0.29 per cent, or 15.94 points, lower that the Friday close.

Blue-chip counters witnessed selling pressure initially, but losses were capped during the fag-end of the session.

Twenty-four of the 30 Sensex shares closed lower, but the breadth of the market was positive: advances outnumbered declines by 3-to-2 on the BSE.

Turnover was lower in the cash segment. The BSE reported a turnover of Rs 1,618.72 crore and the National Stock Exchange (NSE) reported a turnover of Rs 3379.53 crore.

Dealers attrribute rising worries over sky-high global crude oil prices for today's fall. A dealer from a local brokerage said, "Profit taking was expected after the markets had an upturn till a couple of days ago. Even though the markets are giving ground currently, the undertone is upbeat as foreign fund inflows are thickening and investors are optimistic."

Brokers said soaring global crude oil prices raised fears of higher inflation domestically and investors were booking profits ahead of a tax on trades to be levied later in the week.

India Inc is set to report results for second quarter to September next month and market players expect the market to remain rangebound till then.

The BSE Metal index was the biggest gainer today, up 0.95 per cent, followed by Healthcare index, up 0.50 per cent, IT index was up 0.43 per cent and the TECk index was up 0.25 per cent. The BSE FMCG index was the biggest loser, down 0.77 per cent, followed by Auto index, down 0.44 pert cent and the Oil & Gas index fell 0.38 per cent.

Hindalco was the biggest gainer in the Sensex basket, up 2.82 per cent to Rs 1296, followed by Infosys Technologies, up 1.57 per cent to Rs 1638.90, ICICI Bank was up 1.01 per cent to Rs 295.25, Zee Telefilms gained 0.87 per cent to Rs 151.20 and Grasim gained 0.56 per cent to Rs 1126.10.