Global weakness affects domestic equities

Concerns of a further rise in US interest rates hit global equity markets and domestic bourses, which have been closely tracking global bourses in recent months, were no exception. After an initial sharp fall, the market made a good intra-day rebound by early-afternoon trade, only to be brutally cut short.

The Sensex closing was 13,105.85, a fall of 77.39 points.While the Nifty closed at 3829.85 with a fall of 32 points.

Infosys led gain in IT shares ahead of the announcement of Q4 March 2007 results by the IT bellwether on Friday (13 April). Infosys gained 2.3% to Rs 2040, while Satyam Computer gained 1% to Rs 446.

TCS rose 1.1% to Rs 1204. As per a report, Tata Sons is considering a $1 billion-plus overseas equity offering in Tata Consultancy Services to fund acquisitions. The offer may take place in six months and include the sale of new shares, a newspaper report said.

Oil exploration major ONGC plunged 3.4% to Rs 850.Tata Steel lost 3.2% to Rs 495. Ranbaxy shed 3% to Rs 334.45