Rudderless run

STOCKS REPORT

Even as investor expectations is building up over corporate results, the benchmark Bombay Stock Exchange (BSE) Sensex closed lower on Thursday.

In a volatile trading session, investors sold capital goods, oil, technology and metal counters, which were among the biggest losers on Thursday.

Brokers said that the market is expected to remain rangebound, awaiting fresh impetus but worries over high global oil prices is still playing as dampener.

In the BSE Sensex basket, 18 out of the 30 scrips closed lower. But the breadth of the market was marginally positive, with gainers outpacing losers 12:11. Volumes were marginally lower than on Wednesday in the cash segment of the bourses; the BSE reported a turnover of Rs 2,124.34 crore and the NSE reported a turnover of Rs 4,146.88 crore.

Volumes were lower as investors await some impetus before taking fresh buy calls, analysts said. Volatility is visible because of profit booking and value buying at different levels, they added. Market entities are hoping that the results season will provide the much awaited direction.

Opening in positive territory, the BSE Sensex hit a high of 6644.69 and a low of 6530.97 in intra-day trades before closing at 6545.64, down 60.77 points (0.92 per cent) from Wednesday's close.

A dealer at K G Vora Securities said, "Some volatility is expected going ahead as investors factor in company results. They are looking ahead to the April earnings season for direction."

The ICICI Bank counter was the biggest loser in the Sensex basket, falling 3.57 per cent to close at Rs 408.90, Cipla was down 2.64 per cent to Rs 252.55, Bajaj Auto was down 2.62 per cent to Rs 1,038.85, ONGC fell 2.58 per cent to Rs 892.80 and BHEL was down 2.47 per cent to Rs 790.25.

Tata Motors was the biggest gainer in the Sensex basket, rising 2.79 per cent to Rs 423.75, HDFC Bank was up 1.64 per cent to Rs 561.75, Wipro gained 1.61 per cent to Rs 679.70, Hero Honda was up 1.08 per cent to Rs 541.30 and Zee Telefilms gained 0.61 per cent to Rs 148.55.

Foreign institutional investors (FIIs) were net buyers to the tune of Rs 95.10 crore on Wednesday while mutual funds were net sellers to the tune of Rs 7.97 crore according to figures on the Securities and Exchange Board of India (Sebi) website.