Sensex down 9 pts in choppy trade

STOCK REPORT

Major indices ended slightly down in volatile trade, after hitting new peaks. However, they recouped a major portion of intra-day losses.

Tech shares were roiled by the weak guidance from Satyam Computer Services, also the biggest loser. Aluminium shares were the other big losers, while auto shares were the best performers.

The Bombay Stock Exchange's 30-share Sensex closed at 12,030.30, down 9.25 points or 0.1 per cent after touching a record high of 12,102 and then slipping to a intra-day low of 11860.35.

The National Stock Exchange's 50-share Nifty touched a record high of 3592.75 before settling at 3573.05, down 0.45 points. It had earlier touched a low of 3517.10.

The CNX IT Index shed 0.5 per cent to close at 4463.10. Key technology shares closed mixed, with Infosys Technologies, Tata Consultancy Services and HCL Technologies closing marginally higher.

However, most second-line shares such as NIIT, HCL Infosystems, Mastek, KPIT Infosystems, Polaris and Tata Elxsi ended between 1-3 per cent lower.

Ranbaxy Laboratories led the gainers with a 6 per cent rise on media report that the company may hive off its research arm. The stock closed at Rs 504.90, after touching a six-month high of Rs 507.90 intra-day.

However, post-market hours, the company denied the report, saying it would explore cost-sharing deals for special projects.

Satyam Computer shares ended at Rs Rs 810.20, down Rs 61.15, or 7 per cent from its previous close after the company forecast a 25-27.3 per cent rise in revenue and 18-19 per cent rise in earnings per share for FY07. Dealers said the market was expecting a minimum 30 per cent growth in revenue.

Indices started off on a buoyant note, hitting record highs early on.

However, the weaker-than-expected guidance from Satyam and weakness in metal shares pushed the bulls on to the back foot.