Profit Booking In The Itc Scrip Checks Sensex

Heavy profit booking in the ITC scrip yesterday checked the upward movement of the Sensex even as the trading sentiment continued to remain buoyant. The Sensex closed at 4025.41, down 4.58 points over the previous close of 4029.99.

According to marketmen, unwinding of long positions coupled with some FII selling saw the ITC scrip hitting the lower end of the circuit filter at Rs 481.75. Other index scrips, however, fared well with Mahanagar Telephone Nigam Ltd and Mahindra & Mahindra posting handsome gains. The MTNL scrip gained Rs 10.75 over the previous close to end the day at Rs 313.75. Mahindra & Mahindra, which entered into its no-delivery period yesterday gained Rs 18.25 to close at Rs 396.25.

 

Other notable scrips which entered the no

delivery period were State Bank of India at Rs 327.75 (+Rs 8.25), Bajaj Auto at Rs 914, (+Rs 19.25) and Tata Tea which closed at Rs 373.25 (+Rs 27.25).

Mirroring the general trend, the Sensex opened at 4043.20, touched an intra- day high of 4076.56, a low of 4006.80 before edging up to 4025.41 at close.

The major losers in the specified group were Castrol, ACC and Hero Honda. While the fall in the Castrol and Hero Honda scrip prices were attributed to profit taking, leading brokers said that the market is very pessimistic about the Associated Cement Company results which is expected shortly. The ACC scrip lost Rs 56 over the previous close to end at Rs 1149 while the Castrol scrip closed at Rs 503, down Rs 18.25 over the previous close.

Market sources said that there was a negotiated deal of 15,000 shares in the Hindalco scrip at Rs 970 which was Rs 0.75 higher than the closing price of the scrip. Marketmen expect a technical correction in the Sensex levels sometime this week.