Wednesday, March 05, 2025 | 09:16 PM ISTहिंदी में पढें
Business Standard
Notification Icon
userprofile IconSearch

Profit booking hurts

STOCKS REPORT

Image

Our Markets Bureau Mumbai
The stock markets snapped their four-session winning streak on Tuesday as investors booked profit after recent gains. However, select technology and mid-cap stocks traded firm. The Bombay Stock Exchange's 30-share Sensex, which swung 116.64 points during the day, shed 15.60 points to close at 5,822.42.
 
The Sensex had gained 317.58 points in the preceding four sessions. After opening strong at 5,886.02, the Sensex hit a high at 5,897.56 in early trades but then hit a low at 5,780.94. On the National Stock Exchange (NSE), the 50-stock S&P CNX Nifty too fell 5.45 points to close at 1,851.15, coming off its day's high of 1,876.15. Losers outnumbering gainers nearly two to one in modest trades on both exchanges.
 
Pankaj Bhansali, director, Hiralal Doshi Stock Brokers, said, "Domestic funds booked profits after the recent rally and there is also a fair amount of portfolio reallocation in favour of banks and state-run firms ahead of fourth quarter earnings."
 
He also added, "In the short term, the Sensex will be range bound and is likely to trade between 5,720-5,900 levels ahead of elections." Software bellwether, Infosys Technologies rose 2.71 per cent to close at Rs 5,312.15, off from its day's high of Rs 5,580, on selling at higher levels after early gains. The stock rose more than seven per cent in early trades after the company announced today morning that it would consider a bonus issue and stock-split in its board meeting on April 13. Meanwhile, Wipro rose more than one per cent to close at Rs 1,408.65 on institutional buying interest.
 
Elsewhere, auto stock tumbled on profit-taking, after recent gains. Bajaj Auto fell 2.00 per cent to close at Rs 892.50. Tata Motors, the biggest bus and truck maker, shed 1.60 per cent to Rs 500.75. Bike major, Hero Honda Motor tumbled 0.99 per cent to Rs 489.30 on selling pressure.
 
Cement stocks reeled under selling pressure. Associated Cement Companies stock price fell 1.96 per cent to close at Rs 258.20. Grasim tumbled 1.48 per cent to Rs 1,140.10 and Larsen & Toubro lost 0.55 per cent to Rs 605.45 on profit-taking after recent gains.
 
State Bank of India rose 2.08 per cent to Rs 627.40, off from day's low of Rs 612 on fresh buying interest on a report that the country's largest commercial bank is in the process of acquiring a bank in the US, the world's biggest financial market.
 
Bharti Tele-Ventures jumped 1.22 per cent to Rs 166.30, off its day's high of Rs 173.20, on fresh buying after the telecom services major bought a 67.5 per cent stake in Hexacom for Rs 430 crore.
 
State-run engineering major, BHEL shed 2.41 per cent to Rs 638.65 on profit-taking.
 
Reliance Energy lost 1.56 per cent to Rs 787.75 and Tata Power tumbled 0.56 per cent to Rs 410.75 on selling pressure after recent gains.
 
FMCG giant Hindustan Lever ease down 1.43 per cent to Rs 155. Cigarette major, ITC lost 0.33 per cent to Rs 1,084.80. Reliance Industries shed 0.08 per cent to Rs 573.75.
 
While Hindustan Petroleum tumbled 0.69 per cent to Rs 524.50 and ONGC lost 0.45 per cent to Rs 848.70 on selling pressure after recent gains.
 
Pharma major, Ranbaxy Laboratories rose 2.24 per cent to close at Rs 1,011.15 on reports that company has been selected by the United Nations, World Bank, the Global Fund and former US president Bill Clinton to buy cheap generic AIDS drugs, primarily from India, for distribution in poor countries.

 
 

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Apr 07 2004 | 12:00 AM IST

Explore News