Profit-taking finally ended the nine-day long rally, with the Bombay Stock Exchange (BSE) Sensex hitting an intra-day high of 5456.85 and a low of 5399.34 before closing at 5420.09, down 0.16 per cent (8.68 points) from Tuesday's close. |
Investors were seen booking profits in information technology and healthcare companies after the recent rally. |
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The BSE FMCG Index was the biggest gainer on Wednesday, up 1.28 per cent, followed by the Metal Index, up 0.50 per cent and the Capital Goods Index gained 0.45 per cent. |
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The market was range-bound in early trades with profit-booking being witnessed, but value-buying at lower levels helped the market close firmly above the 5400-mark. |
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The BSE Consumer Durables Index fell 1.69 per cent, followed by the IT Index down 0.49 per cent. |
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Brokers said despite the weakness on Wednesday the undertone of the market is bullish on the back of sustained foreign fund inflows. |
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Market players said investors were positive and many were of the opinion that inflation had peaked and were looking ahead to strong corporate earnings for the July-September quarter. |
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Easing international oil prices had also contributed to the recent gains of the market, they added. |
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Blue chips had a mixed day, with 15 out of the 30 Sensex stocks closing higher. The broader markets were negative as scrips witnessed profit-booking after the recent gains. Losers outpaced gainers in the 7:12 ratio on the BSE. |
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Hindustan Lever was the biggest gainer in the Sensex basket, up three per cent to Rs 123.55, followed by Zee Telefilms, up 2.48 per cent to Rs 150.80, Bhel gained 1.83 per cent to Rs 589.05, HDFC Bank up 1.01 per cent to Rs 395.05 and Bajaj Auto up 0.88 per cent to Rs 924.20. |
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HDFC was the biggest loser in the Sensex basket, down 3.27 per cent, followed by HPCL, down 2.71 per cent to Rs 319.75, Wipro fell 2.02 per cent to Rs 588.75, Bharti Tele-Ventures down 2.02 per cent to Rs 143.20 and Satyam Computer down 1.73 per cent to Rs 382.75. |
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Turnover was marginally higher than on than on Tuesday in the cash segment of the bourses. |
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