| Concerns that market could be overbought have begun to seep in and dealers are advising caution. |
| "There is ample liquidity in the market, but investors are waiting for more consolidation before directing large funds," a dealer said. |
| Nifty heavyweight Reliance Industries fell 1 per cent to Rs 1,761 on Wednesday after rising for five straight sessions by over 11 per cent. |
| Kotak Securities, in a report on Monday, said, "The gap between the stock price and realistic valuation of extant businesses is too large." |
| On Wednesday, the Bombay Stock Exchange Sensex ended at 14363.26, down 90.46 points, or 0.6 per cent, after moving between a low of 14325.89 and a high of 14500.64 intraday. |
| The National Stock Exchange Nifty ended at 4246.20, down 31.90 points, or 0.8 per cent. It oscillated between a low of 4231.05 and a high of 4291.40 during the session. |
| The Nifty pulled back from its all-time high on Wednesday as losses in the shares of base metals and fast moving consumer goods companies arrested gains. |
| Technical analysts expect 4300 to remain a strong resistance for the index. The CNX Midcap and S&P CNX 500 indices ended down 1 per cent each. |
| The biggest Nifty gainers were Tata Steel, up 5 per cent at Rs 660 and Reliance Energy, up 3.2 per cent at Rs 570. |
| Tata Steel gained after China levied duty on exports of steel and iron, which will enable Indian steel companies to get better steel realisation and reduce dumping from China into India. |
| The steel major has also received permission from the Vietnam government to work with Vietnam Steel Corp on a $3.5 billion steel complex in Vietnam, reports said. |
| Hindustan Lever gained 2 per cent to Rs 198, as reports suggest the onset of a timely and good monsoon season in India. Punjab National Bank recouped intraday losses to end at Rs 560, up 1 per cent. |
| The company reported Jan-Mar net profit at Rs 238 crore, against estimates of Rs 380 crore. |
| Worst hit in the Nifty were Sterlite Industries, down 3.6 per cent at Rs 538, and HCL Technologies, down 3.2 per cent at Rs 334. |
| Shares of base metal companies were hit as copper prices dropped 3 per cent due to worries over rising inventories and worry demand in China may slow. |
| Bata India ended up 5 per cent at Rs 179 on reports the company is in talks to tie up with Reliance Retail. Bata on Wednesday said it has had informal talks with Reliance Retail but no deal has been struck so far. |
| California Software surged 4 per cent to Rs 70 after the company on Tuesday said it will buy 51 per cent in Aspire Communications for an undisclosed amount by July. |
| The acquisition is likely to add $400,000 in net profit and $3 million in revenue to the company in 2007-08 (Apr-Mar), reports said. |
| Shares of movie exhibitor companies such as PVR, Inox, and Pyramid Saimira gained 4-10 per cent on buying by domestic funds, dealers said. |
| Shares of Idea Cellular were up 3 per cent at Rs 119, on talk the company may sell its telecommunication tower business. |
| Raj Television Network was up 10 per cent at Rs 318, hitting upper circuit for the second straight session, as investors redirected funds from Sun TV to the stock. |
| Sahil Financial Services surged 20 per cent to Rs 13 on news the company board will mull buying of 800,000 shares of Brand Realty Pvt Ltd on May 30, after which Brand Realty would become the wholly-owned arm of Sahil Financial. |
| Tata Tea shares ended down at Rs 874, after rising 1 per cent on reports Coca-Cola plans to buy stake in Glaceau, in which Tata Tea holds 30 per cent stake. |
| Shares of sugar companies ended down 1-4 per cent on a newspaper report the government has put a brake on companies' expansion plans by scrapping 98 per cent of the 2,500 industrial entrepreneur memorandums submitted by them. |
| Index heavyweight Oil and Natural Gas was down 1 per cent at Rs 914 despite reports it is eyeing 51 per cent stake in an oil field in Azerbaijan. |
| Technology shares were weak as the dollar further weakened against the dollar to 40.60 rupees per $1. |
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