Q4 hopes to the fore

STOCKS REPORT

The benchmark Bombay Stock Exchange (BSE) Sensex crossed the 6,600 level for the first time on Wednesday, recording its fifth straight new high.

Brokers said profit-taking at higher levels capped gains. Players were cautious at these levels and tomorrow is also the last day of the current month's futures contract, they said.

Sustained foreign fund inflows and hopes of strong quarterly results have helped the market post record gains, brokers said.

But traders were cautious at these levels, besides foreign fund buying was also lower today, market sources said.

Brokers said despite a firm opening and early gains, the market lost ground as selling pressure emerged in the stocks at higher levels after recent gains.

The huge casualty and losses caused by the tsunami has not dampened the spirit on the bourses and the undertone of the market appeared optimistic, they added.

Technology, fast moving consumer goods and metal scrips were among the gainers, while capital goods, consumer durables and public sector companies recorded losses on Wednesday.

The Sensex hit a high of 6,617.15 and a low of 6,552.06 in intra-day trades, before closing at 6,567.94, up 4.46 points (0.07 per cent) from Tuesday's close.