Brittleness underscored

STOCKS REPORT

The stock market lost ground for the second straight session on Wednesday with the benchmark Bombay Stock Exchange (BSE) Sensex closing marginally in the negative, down 7.29 points at 5,815.13. The breadth of the market was negative with losers outpacing gainers 947:782.

The Sensex touched a high of 5,860.67 and a low of 5,774.88 in the intra-day trades today.

Opening firm, the market lost ground in late morning trades. After trading weak in afternoon trades, it recovered in the last half an hour's trade on buying support at lower levels.

Players indicate that the undertone of the market appears cautious ahead of the beginning of corporate earnings announcements for the fiscal fourth quarter.

Analysts say that companies are expected to record a good performance on the back of strong economic growth, specially old economy sectors such as automobile, cement, steel and power.

Says a dealer from a local brokerage, "lack of fresh triggers is leading to some weakness in the market but buying at lower levels is helping it sustain at these levels." While technology issues gained on expectations of strong earnings, old economy stocks lost ground on profit booking.

Software companies are in the limelight with talks focused on the expected future guidances to be issued by the companies, specially after the recent appreciation of the rupee against the dollar.

Satyam Computer gained 1.74 per cent to Rs 315.20, Wipro was up 0.58 per cent to Rs 1,416.80 and Infosys Technologies was up 0.27 per cent to Rs 5,326.35.

Power Trading Corporation made its debut on the bourses today, hitting a high of Rs 46.35 and a low of Rs 27.75 before closing at Rs 44.65. More than 4.04 crore shares were traded on the BSE. The other debutant Biocon, hit a high of Rs 507, before closing at Rs 484.35. More than 32.64 lakh shares were traded on the BSE.

Heavyweight Hindustan Lever fell 5.29 per cent to Rs 146.80.