Profit-Booking Ends Rally

The BSE Sensex snapped its four-day rally on profit-booking in technology and public sector units' (PSU) stocks ahead of the weekend. Dealers said: "Investors preferred to offload stocks ahead of an uncertain weekend, with all eyes focused on the global efforts to defuse tension in the sub-continent."

After moving in an intra-day range of around 42 points, the Sensex settled with a loss of 41.55 points at 3,217.76, but off from its intraday low of 3,205.51 points. On the NSE, the S&P CNX Nifty Index shed 16.05 points to close at 1,048.80.

Most technology stocks remained weak on Nasdaq's overnight slide on Thursday night. The sentiments of domestic technology stocks were hurt with Intel lowering its revenue guidance.

 

Techbellweather Infosys Technologies slipped by 4.90 per cent to Rs 3,243.30 on institutional selling pressure. Among other key stocks, Satyam Computer too slipped 2.12 per cent to Rs 226.75 and HCL Technologies was down 2.23 per cent to Rs 221.25 on similar concerns. Meanwhile, media major Zee Telefilms too slipped by 2.77 per cent to Rs 130 on sustained selling pressure.

PSU stocks, which have been one of the biggest gainers in recent times, remained weak on profit-taking. Hindustan Organic Chemicals dipped 17 per cent to Rs 25.15 on the reports that Rashtriya Chemicals & Fertilisers has decided to pull out of the bid to buy the government's stake.

Other PSU stocks such as Andrew Yule (down 10.73 per cent to Rs 23.70), RCF (down 8.46 per cent to Rs 29.25), State Trading Corporation (down 7.66 per cent to Rs 151.25), HMT (down 5.63 per cent to Rs 22.65), Shipping Corporation of India (down 5.12 per cent to Rs 92.70) and Dredging Corporation of India (down 5.29 per cent to Rs 356.45) also slipped on selling pressure.

Most heavyweight bluechip stocks remained weak. State Bank of India (down 2.23 per cent to Rs 228.25), Hindustan Lever (down 1.24 per cent to Rs 199.70), Telco (down 2.08 per cent to Rs 136.80), Reliance Industries (down 0.18 per cent to Rs 274.85) and ITC (down 0.13 per cent to Rs 622.50) on profit-booking after the recent gains. However, selects stocks such as BSES (up 0.41 per cent to Rs 219.90), Grasim (up 0.33 per cent to Rs 301.65) and Nestle India (up 0.29 per cent to Rs 503) also ended higher on defensive buying.