Nasdaq Woes Haunt Techs

The equity markets snapped a five-day rally to end 26.22 points down closing at 3332.36 at the end of the day's trading. The BSE benchmark index had actually risen to a high of 3366.74 during the day but tech stocks spoilt the party, following the weakness in tech stocks on the Nasdaq. The NSE Nifty Index ended 9.83 points lower at 1,070.45.

Infosys Technologies which reported better than expected results rose up to a high of 3478 on news of its results but then ended 1.82 per cent points down at 3310.10. The stock of the IT major has a 8.2 percent weightage in the Sensex.

Volumes were generally thin in the market today with 1,214 lakh shares being traded. Figures showed that losers outstripped gainers in the ratio 3:1.

IT stocks ended weak. Satyam Computer Services dropped 2.83 per cent to Rs 248.70 while HCL Technologies shed 6.53 per cent to Rs 229.90. Wipro Ltd lost 2.34 per cent to Rs 1,361.45.

Auto stocks, which have been enjoying a rally recently buoyed by expectations of good quarterly results were down due to profit-booking in the counters.

Hero Honda Motors, shed 1.98 per cent to Rs 329.90 and Tata Engineering dropped 1.28 per cent to Rs 158.45. The two stocks had gained 6.1 per cent and 17.3 per cent respectively this month.

Cement stocks also saw profit-booking while there was some selective buying in pharma scrips. Gujarat Ambuja Cements, ACC and L&T stocks were marginally down. Ranbaxy Labs which was up 1.02 per cent to Rs 912.35 ended off its day's high of Rs 934 on profit-booking.

Key index stocks such as ITC and Hindustan Lever were down contributing to the fall of the Sensex.