Nifty Lower Despite Uptrend

On the last day of the current settlement, the trading sentiment on the National Stock Exchange (NSE) firmed up, though the Nifty closed 19.05 points lower at 1,137.90 points. The activity was centered around the half yearly results of Reliance Industries (RIL). The total traded turnover at the exchange touched Rs 2,414.52 crore with over 7.5 crore changing hands.

The RIL scrip closed at Rs 399.50 over the previous close of Rs 430.20 with the turnover touching Rs 1,239.91 crore. The fact that RIL failed to provide for tax in the result disappointed the market which resulted in the market slump, said an NSE dealer.

The Nifty opened at 1,156.45 touched a high of 1,158.80, dipped to low of 1,131 before closing at 1,137.90, a loss of 19.05 points. The Midcap index closed at 1,254.60 against the previous close of 1,276.05 points.

Among the major gainers were, Bajaj Auto which closed at Rs 600.25 over the previous close of 589.25. HLL closed at Rs 1,381.70 (1,357.60), Tisco at Rs 176.30 (Rs 175.10), Ranbaxy at Rs 652.35 (Rs 648.20), Telco at Rs 337.45 (Rs 336.10).

Among the main losers were, Reliance Capital which closed at Rs 64.30 (Rs 69.55), ICICI at Rs 93.60 (Rs 101.15), Reliance at Rs 399.50 (Rs 430.20), OBC at Rs 62 (Rs 64.95) and HDFC at Rs 3121.50 (Rs 3,251.85).

The ICICI scrip also fell by over 7 per cent despite the company announcing an excellent result. The scrip closed at Rs 93.60 over the previous close of Rs 101.15 and the total traded turnover touched Rs 29.96 crore.

The ITC scrip dipped further closing at Rs 579.65 against the previous close of Rs 594.55. It recorded a total traded turnover of Rs 497.61 crore.

Meanwhile, share prices at over the OTCEI declined further on lack of buying support from financial institutions and common investors. The composite index opened at 106.43 and closed at 106.1 points, a decrease of 1.33 over its previous close of 107.44 points.

The total turnover was Rs 1.47 crore involving 0.49 lakh shares and debentures. Major contribution was from permitted equity segment 1.4 crore. Among other segments listed contributed 7.15 lakh.

Active trading was witnessed in Twentyfirst Century, Medicare. Brisk activity was witnessed in Reliance Industries. - Our Financial Bureau