Profit Sales At Tech Counters Snap Two-Day Rally

Selling pressure in technology stocks snapped the two-day rally on the stock markets today. The Bombay Stock Exchange sensex, after trading in a band of 45 points, settled with a loss of 18.01 points at 3,344.41.

On the National Stock exchange, the S&P CNX Nifty also shed 4.25 points to close at 1,092.80. Brokers said stocks failed to hold at higher levels which reflects the lack of confidence and caution among investors. However, gainers outnumbered losers on heavy trades.

Technology stocks remained under selling pressure on overnight losses on the Nasdaq exchange in the US, which slipped by 33.51 points on Tuesday to 1,497.18.

 

Infosys Technologies slipped 1.68 per cent to Rs 3,477.85 on institutional selling.

HCL Technologies also remained weak and settled 4.22 per cent lower at Rs 220.40. Media giant Zee Telefilms also, after the recent gains, remained weak and wound up with a 1.96 per cent loss in value at Rs 145.05.

Frontline software stocks such as NIIT (down 4.08 per cent to Rs 253.90), Polaris Software (down 3.89 per cent to Rs 264.45), Mascot Systems (down 3.90 per cent to Rs 236.75), SSI (down 2.04 per cent to Rs 146.70), Digital GlobalSoft (down 1.99 per cent to Rs 652.40), Wipro (down 0.97 per cent to Rs 1,568.80) and Hughes Software (down 0.98 per cent to Rs 226.95) slipped on profit booking.

Heavyweights Reliance Industries (down 0.78 per cent to Rs 286.25) ITC (down 0.71 per cent to Rs 611.30) and Reliance Petroleum (down 0.78 per cent to Rs 25.50) too remained weak on profit sales after their recent gains.

Fast moving consumer goods giant Hindustan Lever slipped from the day's high of Rs 208.25 to Rs 201.05 before settling at Rs 202.35, down 0.34 per cent from its Wednesday's close.

Other old economy stocks such as State Bank of India (up 2.88 per cent to Rs 246.35), BSES (up 2.80 per cent to Rs 231.55), HPCL (up 2.50 per cent to Rs 291.05) and Tata Steel (up 1.24 per cent to Rs 130.30) also gained ground.

Key cement counters such as ACC (up 2.46 per cent to Rs 158.10), Grasim (up 1.73 per cent to Rs 320.30) and Gujarat Ambuja Cements (up 0.48 per cent to Rs 200.85) gained on selective buying.