Profit sales hit BSE Bankex

STOCK REPORT

Bank shares succumbed to profit booking by investors. BSE Bankex fell 0.47 per cent after rising 1.17 per cent Wednesday. The 30-share Sensex, meanwhile, ended at 14,217.75, up 86.41 points or 0.6 per cent from Wednesday, hitting another record.

ICICI Bank closed at Rs 971.25, down 1.58 per cent from Wednesday. Oriental Bank of Commerce was down 1.55 per cent. Dealers feel this fall is not a cause for concern and banking stocks are likely to see upside.

Key indices ended at their highest-ever closing levels. Robust October-December earnings of companies across the board fuelled the upside, dealers said.

"Many companies have beaten market estimates with their quarterly earnings so far. So the market is hopeful that the results which are yet to be announced will also be strong," a senior dealer with a domestic brokerage said.

The National Stock Exchange's 50-share Nifty ended at 4,112.15, up 35.70 points or 0.9 per cent after touching a record high of 4,140.25.

Nifty major Ranbaxy Laboratories posted net profit of Rs 186 crore, up 171 per cent on year against market estimates of Rs 170 crore.

Ranbaxy said it expects its sales to grow 15 per cent in 2007, which shows good growth prospect for the company, a dealer said.

Siemens today surprised the market by posting net profit of Rs 98.07 crore, up 100.1 per cent on year against market estimates of Rs 73.2 crore.

However, Siemens ended at Rs 1,214.60, down 0.73 per cent and Ranbaxy Laboratories ended at Rs 430.40, down 0.44 per cent on profit sales, dealers said.

The turnover on BSE and NSE taken together was 152.5 bln rupees against Rs 13,700 crore on Wednesday.

Dabur India was the top gainer on Nifty on hopes the company would Friday post third quarter net profit of Rs 80.7 crore, up 24 per cent year on year driven by higher sales and price realisation. The stock closed up 10.47 per cent at Rs 171.40. Jet Airways (India) was up 2.19 per cent at Rs 721.90 on hopes of robust October-December earnings.