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Weighed down by crude

STOCKS REPORT

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Our Markets Bureau Mumbai
Technology sector scrips were among the biggest losers in a subdued market today, with volumes taking a plunge. The Bombay Stock Exchange (BSE) Sensex fell 0.49 per cent (25.56 points) to close at 5,169.07.
 
Yesterday's fall is in line with most other Asian indices, which closed lower over concerns of surging oil prices, which hit record highs on Wednesday.
 
Marketmen turned sellers in bluechip scrips with 23 out of the 30-scrip Sensex basket closing lower, losers outpaced gainers 9:8 on the BSE.
 
Players said that concerns over rising oil prices played on the sentiment but profit taking led to the fall on Wednesday.
 
The BSE IT sector index was the biggest loser, down 1.13 per cent, followed by the TECk index, down 1.04 per cent while the consumer durables sector index was the biggest gainer, up 2.26 per cent.
 
The FMCG sector was in the limelight for contrasting reasons yesterday. While heavyweight HLL was the biggest loser in the Sensex basket, down 4.84 per cent to Rs 113, other pivotal ITC was the biggest gainer in the Sensex basket, up 2.36 per cent to Rs 1,036.55. The BSE FMCG index fell 0.90 per cent.
 
Satyam Computer fell 1.78 per cent to Rs 339.80, Infosys Technologies fell 1.72 per cent to Rs 1,549.70 and Wipro fell 1.22 per cent to Rs 531.35.
 
Other heavyweights Reliance Industries was up 0.76 per cent to Rs 493.15 while the State Bank of India scrip fell 0.53 per cent to Rs 437.55.
 
Cash segment volumes were significantly lower than Tuesday's, with the BSE reporting a turnover of Rs 1,698.74 crore and the National Stock Exchange (NSE) reporting a turnover of Rs 3,980.64 crore.
 
Brokers said that refinery stocks were hit by worries that high crude oil prices would squeeze their margins, as the largely state-owned sector lacks the freedom to raise product prices.
 
HPCL fell 1.89 per cent to Rs 324.90 and BPCL was down 1.1 per cent to Rs 347.80. But the rising oil price gave a boost to ONGC, with the scrip up 1.68 per cent to Rs 730.10.

 
 

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First Published: Aug 05 2004 | 12:00 AM IST

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