Heavyweights prove costly

STOCKS REPORT

Hindustan Lever, Reliance Industries and Infosys Technologies were down 1 per cent each, while ONGC was down marginally. The Sensex closed at 7767.49, down 49.02 points from Thursday's close. The index had touched a new high of 7861.26 earlier in the session.

The National Stock Exchange's Nifty closed at 2361.55, down 19.35 points. The index had touched an all-time high of 2390.45 earlier in the session. Technology shares were the biggest losers on the NSE. The CNX IT Index ended down nearly 2 per cent to 3010.90.

Market breadth on the BSE was marginally positive, with 1,307 stocks advancing compared with 1,253 retreating.

Total traded turnover on both exchanges combined was around Rs 12,000 crore, higher than normal. This was mainly due to heavy volumes in the IDFC stock, which got listed today. Around 361 million shares of IDFC changed hands yesterday. The stock closed at Rs 69.50, compared with its IPO price of Rs 34.

In the Nifty, Zee Telefilms and Steel Authority of India were the major Nifty losers, down nearly 3per cent. Videsh Sanchar Nigam, Wipro, Bajaj Auto, Tata Consultancy Services, ITC and Punjab National Bank were down between 2-3 per cent.

Vikram Kotak, president, Techno Shares and Stocks, said, "The sentiment will dampen, if the inflows decrease, but I don't see that happening."

"There was only a marginal selling on Wednesday and once in a while it is understandable," he said.

Hero Honda Motors was the top gainer in the Nifty, rising 6 per cent.

Among major Nifty gainers, Dabur India, Ranbaxy Laboratories, Cipla, Hindalco Industries and Colgate-Palmolive India were up between 2-3 per cent.

The CNX Midcap ended up marginally at 3607.05. Asian Hotels and Trent were the biggest gainers, up 18 per cent and 17 per cent, respectively. South Indian Bank was down over 6 per cent.