Share Prices Shed Early Gains On Profit-Booking

Profit booking at higher levels by domestic as well as foreign financial institutions (FII) yesterday on the BSE saw equities shedding some of the gains made early in the day. The Sensex closed at 4082.50, down by 5.14 points over the previous close of 4087.64.

Key pivotals, with the exception of Tata Iron & Steel Corporation closed lower over their previous levels. ITC slipped by Rs 3.75 to end the day at Rs 497, Reliance lost Rs 2(close: Rs 321) while State Bank of India ended the day at Rs 338 (- Rs 1.50) after touching a 52-week high of Rs 346. Tisco, however, moved up sharply on buying support from FIIs and ended the day at Rs 193.75, a gain of Rs 5.75 over the previous close.

Side counters like Gujarat Ambuja cement, Reckitt& Coleman, Ponds and Pfizer witnessed hectic activity. Gujarat Ambuja Cement gained Rs 9.50 over the previous close to end the day at Rs 299.50, Ponds gained Rs 271 to close at Rs 1904.50, Reckitt moved up by Rs 5.50 to close at Rs 284.25 while Pfizer gained Rs 10.25 to close at Rs 237.50.

Marketman said that Unit Trust of India (UTI) was booking profits in some of the index scrips at higher levels. Among the scrips in no-delivery period Mahindra & Mahindra was the only notable gainer of the day. The scrip touched its 52-week high of Rs 425 during intra-day trading before closing at Rs 423, a gain of Rs 5.50 over the previous close. Other key stocks like Tata Tea, Bajaj Auto, SBI and Larsen & Toubro (L&T) closed lower over their previous levels. Bajaj Auto lost Rs 15.75 (close Rs 945), L&T lost Rs 1.75 (Rs 243.25), Tata Tea slipped by Rs 4.75 (Rs 387.25) while SBI closed at Rs 338, down Rs 1.50 over the previous close.

Leading brokers said that the market was eagerly awaiting the results of Associated Cement Company and SBI which would have a strong impact on trading sentiments.