Tech, tele stocks put squeeze

STOCK REPORT

Key indices ended flat today due to profit sales in technology and telecom shares. Weakness in the US market and mixed trend in Asian indices also hit sentiment.

Dealers said investors have turned cautious as valuations are stretched at current levels and markets may take a breather ahead of the holiday season.

The Bombay Stock Exchange Sensex ended at 13972.03, up 23.03 points or 0.2 per cent from Wednesday. It moved between 13915.74 and 14002.72 points.

The National Stock Exchange Nifty ended at 4015.35, down 0.6 points. It moved between 4001.40 and 4027.70.

Turnover on both the exchanges together was roughly Rs 11,200 crore, as against Rs 13,200 crore on Wednesday.

On BSE, there were equal number of advances and declines.

Capital goods companies were the lead gainers, among Nifty companies. BSE Capital Goods Index, up 1.4 per cent, was the top gainer among BSE indices. ABB India, up 6 per cent at Rs 3,885, was the top Nifty gainer. Its parent, ABB Ltd, on Wednesday bagged a $130 million (Rs 580 crore) contract from Grupa Lotos SA.

ABB was followed by Hindalco Industries, up 3 per cent, and Zee Telefilms, up 2.3 per cent. Siemens India was up 2 per cent at Rs 1,186, and Bharat Heavy Electricals was up 1 per cent at Rs 2,644.

Reliance Industries ended up 1.5 per cent at Rs 1,301 on reports that its retail arm is close to acquiring Maratha Stores, a co-operative chain with 20 outlets in Mumbai.

Maruti Udyog was up 0.5 per cent at Rs 946, as it is planning to develop a small car with a 660cc engine to compete with Tata Motors' proposed Rs 100,000 car.

Satyam was the sole gainer among Nifty technology companies. The stock ended up 1 per cent at Rs 468.

Shares of technology and telecom companies were worst affected due to profit sales. BSE technology and telecom indices ended down 1 per cent each.

Bharti Airtel was down 1.5 per cent at Rs 638 and Reliance Communications was down 1.3 per cent at Rs 456.

HCL Technologies and Infosys Technologies ended down 1 per cent at Rs 632 and Rs 2,224.