Profit sales dampener

STOCKS REPORT

Select index-based hedge funds continued to witness profit-booking on Friday on concerns of a possible ban on investment through participatory notes in the country. Overall mood in the market remained cautious.

In a extended trading session, the 30-share Bombay Stock Exchange (BSE) sensitive index (Sensex) ended with a massive loss of 117.72 points, or 1.94 per cent, at 5,946.19. On the National Stock Exchange (NSE), the S&P CNX Nifty shed 43.80 points to end at 1,900.65.

The Sensex swung in a wide range of 158 points, hitting a high of 6,072.03 and a low of 5,914.02 in the intra-day trades. From its Thursday's high of 6,248.80, the Sensex has lost 302.62 points.

The trading hours were extended today on account of a technical snag in the F&O trading system of the NSE.

In a extreme subdued market, TV Today made a sparkling debut on the bourses. The stock opened firm at Rs 220 and then hit high of Rs 225. It, however, ended at Rs 181.35, a 91 per cent premium to its issue price of Rs 95 per share.

Also, Parrys Confectionery rose 8.94 per cent to Rs 241.30, off its days high of Rs 265.80 on fresh buying after the company announced that its promoters "" the Murugappa Group "" have has signed an agreement to sell its entire 60.39 per cent stake in the company at Rs 283.12 per share to Korea's Lotte Confectionery.

Index heavyweight, Reliance Industries traded firm. The stock settled up 0.67 per cent to Rs 580.75, recovering from its day's low of Rs 571.80 on fresh buying interest in an otherwise subdued market.

But Bharti Tele-Ventures fell 4.71 per cent to Rs 114.25, off from its day's high of Rs 123 on selling continued after the company failed to acquire, Escotel, Escorts telecom interests.

Besides, the Union Cabinet's decision on Thursday to defer changes in the foreign investment limit in the telecommunications sector put off investors.

Hindalco declined 6.40 per cent to close at Rs 1,378.40, off a high of Rs 1,470. Cement major, Gujarat Ambuja Cements tumbled 4.50 per cent to Rs 299.45, off from the day's high of Rs 315.30 on selling at higher levels.

State Bank of India eased down 3.76 per cent to Rs 635.45. FMCG giant, Hindustan Lever shed 1.49 per cent to Rs 205.10.

Elsewhere, state-run firms also reeled under selling pressure. MTNL fell 3.32 per cent to Rs 141.15.

Refinery major, Hindustan Petroleum tumbled 2.68 per cent to Rs 434.30. ONGC, exploration major, lost 2.57 per cent to Rs 816.150 on fund-based selling on concerns that its initial public offering will be price below market price. Power equipment major, Bhel shed 0.66 per cent to Rs 558 on selling pressure.

Technology stocks too traded weak. Satyam Computer lost 6.17 per cent to Rs 323.75, off its days high of Rs 345.30 on selling pressure in derivative segment.

But Wipro recovered from a low of Rs 1,658.05 to a high of Rs 1,724 before settling at Rs 1,707.85, up 0.77 per cent over its Thursday's close.

Media major, Zee Telefilms declined from a high of Rs 165.85 to Rs 152.60 before settling at Rs 156.05, down 2.86 per cent from its Thursday's close.