Bush effect on the wane

STOCKS REPORT

Pharma, technology and metal scrips were among the biggest gainers on Thursday as the Bombay Stock Exchange (BSE) Sensex closed at 5,832.88, falling 0.17 per cent (9.66 points) from Wednesday's close. Volumes were lower with the Sensex hitting an intra-day high of 5,883.39 and a low of 5,814.37.

Blue-chips witnessed some selling pressure, with 17 out of the 30-scrip Sensex basket closing lower. The broader market also reflected the weak sentiment, with losers outpacing gainers 9:8 on the BSE.

Brokers attributed Thursday's fall after three straight sessions of gains to profit taking. They added that after yesterday's rise in the market on the back of talks of incumbent US president George W Bush getting re-elected as president, some selling was expected.

Though there were gains seen early in the session, profit taking at higher levels dragged the market down, dealers said. The market is now looking for impetus to give it direction with most of the big events such as the quarterly results season, credit policy and US elections out of the way.

Said a dealer from a local brokerage, "The market is expected to remain rangebound in the near terms." International oil prices continue to weigh in on everyday sentiment, players added.

The BSE healthcare index was the biggest gainer on Thursday, up 0.70 per cent, followed by TECk index, up 0.44 per cent, IT index gained 0.43 per cent and metal index was up 0.33 per cent.

The BSE FMCG index was the biggest loser, down 0.51 per cent, followed by oil & gas index, down 0.40 per cent and capital goods index fell 0.27 per cent.

HPCL was the gainer in the Sensex basket, up 2.56 per cent to close at Rs 319, followed by Hindalco, up 2.26 per cent to Rs 1,270.05, Dr Reddy's Labs gained 1.63 per cent to Rs 780.65, Reliance Energy was up 1.36 per cent to Rs 645.30 and Infosys Technologies gained 1.36 per cent to Rs 1,988.25.

Grasim was the biggest loser in the Sensex basket, down 1.77 per cent, followed by ITC, down 1.51 per cent to Rs 1,118.40, Bajaj Auto fell 1.45 per cent to Rs 967.70, State Bank of India fell 1.36 per cent to Rs 481 and ACC was down 1.34 per cent to Rs 260.90.

Foreign institutional investors were net buyers of Indian shares worth Rs 70.80 crore while domestic mutual funds were net buyers to the tune of Rs 142.90 crore on Wednesday.