Cashing out

STOCKS REPORT

Investors continue to book profit across the board ahead of the corporate results announcements. The carnage was witnessed in most sectors with only the BSE FMCG index ending marginally higher. Brokers said, the market is expected to remain stock specific ahead of the major results announcements.

The Sensex lost 66.10 points or 1.01 per cent to 6479.54. The Nifty ended 21.65 points lower to close at 2031.20.

The breadth of the market was negative with 1,387 losers on BSE as compared to 953 gainers. 64 stocks were unchanged. Volumes were lower on Friday in the cash segment of the bourses; the BSE reported a turnover of Rs 1,906.94 crore compared with the turnover on Thursday at Rs 2,124 crore. Brokers said, lack of participation by day traders has resulted in dip in volumes on the bourses.

A sharp correction in technology, cement, metal and index heavyweight Reliance Industries pulled the market lower. Among the indices, the BSE Tech index was the biggest loser, down 2.36 per cent to close at 2619.39.

Among the frontline technology stocks, Infosys was down 3 per cent to Rs 2,121, Satyam Computer was down 2.5 per cent to Rs 412.10 and Wipro ended nearly 2 per cent lower to Rs 666.50.

Analysts said, the sentiment turned negative against these stocks as ADRs ended negative last night on Nasdaq. Infosys ADR lost 4.2 per cent on Thursday to $71.05, Wipro ADR lost 2.1 per cent to $20.70 and the Satyam Computer ADR shed 0.55 per cent to $23.71.

Reliance Industries stock was down 1.6 per cent to Rs 556.30 on reports of Anil Ambani's demand of a government probe into phone tapping by "unscrupulous individuals" working for Reliance Infocomm. Though the charges were denied by Reliance Infocomm.

Bharti Tele-Ventures was the biggest gainer in the Sensex basket, rising 2.04 per cent to Rs 213.05, ITC was up 2.02 per cent to Rs 1,401.70, Bajaj Auto was up 1.35 per cent to Rs 1,052.90, HPCL was up 1.18 per cent to Rs 322.70 and Maruti Udyog gained 0.35 per cent to Rs 411.55.

Foreign institutional investors (FIIs) were net buyers to the tune of Rs 59.90 crore on Thursday while mutual funds were net buyers to the tune of Rs 69.45 crore according to figures on the Securities and Exchange Board of India (Sebi) website.

Among the big losers in the Sensex basket were Zee Telefilms, down 3.23 per cent to Rs 143.75, HDFC Bank, down 2.65 per cent to Rs 546.85, L&T, down 2.18 per cent to Rs 981 and Wipro, down 1.79 per cent to Rs 667.

Select side counters were active on the back of buying support. The restructured Jindal Photo, which made its debut on BSE on Thursday, spurted 20 per cent to Rs 283.50, while oil exploration firm Hindustan Oil Exploration (HOEC) jumped 10 per cent to Rs 147.50.