Late selling hurts

STOCKS REPORT

Selling at the fag end in select blue chips pulled the Bombay Stock Exchange (BSE) Sensex down 0.24 per cent (13.34 points) to close at 5,655.09.

The Sensex ended April with a gain of 1.2 per cent, logging its first monthly rise in 2004. The breadth of the market was positive, with gainers outpacing losers 878:836 but volumes were down. Turnover in the cash segment of the BSE was at Rs 1,976.25 crore and on the NSE, it was at Rs 4,412.31 crore.

The National Stock Exchange (NSE) Nifty lost 12.85 points to close at 1,796.10.

The largest loser was the BSE PSU index, down 1.21 per cent followed by the Bankex, down 1.01 per cent and the consumer durables index, down 0.98 per cent.

The IT sector index gained 0.88 per cent while the Teck index was up 0.62 per cent.

Brokers said that the mood in the market remains cautious amid political concerns, which is stopping them from taking fresh positions.

Metal scrips lost ground while cement counters rose on hopes of strong demand and a price increase next month, brokers said.

Market watchers said that signs that China may be moving to cool its economy sparked fears of slower demand for metals. That led to selling pressure in metals counters. Tata Steel fell 2.9 per cent to Rs 357.80 and Hindalco lost 1.8 per cent to Rs 1,114.70.

Says a dealer from a local brokerage, "The China factor is weighing on the sentiment and people are worried that global metal prices could drop if demand dries up." National Aluminium was down 5.83 per cent to Rs 169.60 and Steel Authority of India fell 5.14 per cent to Rs 35.05.

ACC was up 1.89 per cent to Rs 279.95, L&T was up 1.51 per cent to Rs 567.35 and Gujarat Ambuja Cements gained 0.44 per cent to Rs 332.60.

Tech bellwether Infosys Technologies was up 2.05 per cent to Rs 5,146.95, Wipro gained 1 per cent to Rs 1,544.45 and Satyam Computer was up 0.44 per cent to Rs 332.60. Heavyweight Hindustan Lever was down 1.91 per cent to Rs 141.20 and Reliance Industries fell 0.53 per cent to Rs 526.40.

Zee Telefilms was down 6.35 per cent to Rs 127.55.

HPCL was up 0.63 per cent to Rs 460.65 and BHEL gained 0.49 per cent to Rs 586.35.

MTNL gained 2.35 per cent to Rs 148.25.

GE Shipping was down 1.75 per cent to Rs 129.20.