Market closes with moderate losses
The markets had a sluggish day after rallying hard yesterday and ended in the red with modest losses. The markets did not get any support from global peers.Markets were highly volatile throughout the day’s trading session.
Sensex closed down 36.53 points or 0.26% at 13929.33, and the Nifty down 14.00 points or 0.34% at 4120.3.
Technology continues to struggle and couple of heavy weights dragged the markets down. Frontline IT pivotals stayed weak throughout the day’s trading session, as the rupee continued its upward march and was quoted at 40.83/84 against US currency in late morning deals on weak dollar overseas and sustained dollar selling by exporters, despite capital outflows.
Satyam Computers, down 2.24% to Rs 451.05, was the top loser.Wipro (down 1.89% to Rs 533.60), Infosys (down 1.66% to Rs 1969) and TCS (down 0.90% to Rs 1238) were not spared either.PSU oil exploration major ONGC lost 1.52% to Rs 893, while auto major Bajaj Auto declined 1.20% to Rs 2634.
Index heavyweight Reliance Industries (RIL) was down 1.48% to Rs 1596.45 ,following reports that it has got a tax benefit of Rs 376.17 crore in 2002-03 because of unreasonable concessions due to under-assessment by tax authorities, as per a report of the Comptroller and Auditor General (CAG) of India, which was tabled in Parliament on Monday, 14 May 2007.
State-run engineering major Bhel advanced 2.66% to Rs 2522, and was the top gainer. It plans to enhance its manufacturing capacity to 15,000 MW per annum with total investment of around Rs 3,200 crore during the Eleventh Plan (2007-2012).
Shares from the banking and financial pack witnessed buying interest on market rumors that CRR (cash reserve ratio) may be slashed by 50 basis points shortly. Private sector banking major ICICI Bank edged up 1.87% to Rs 886.30, while SBI gained 1.51% to Rs 1224 and HDFC Bank rose 1.44% to Rs 1010.10.
Reliance Natural Resources (RNRL) soared 5.70% to Rs 31.55 on huge volumes of 3.65 crore shares. It was included n F&O segment from 14 May.
Sensex closed down 36.53 points or 0.26% at 13929.33, and the Nifty down 14.00 points or 0.34% at 4120.3.
Technology continues to struggle and couple of heavy weights dragged the markets down. Frontline IT pivotals stayed weak throughout the day’s trading session, as the rupee continued its upward march and was quoted at 40.83/84 against US currency in late morning deals on weak dollar overseas and sustained dollar selling by exporters, despite capital outflows.
Satyam Computers, down 2.24% to Rs 451.05, was the top loser.Wipro (down 1.89% to Rs 533.60), Infosys (down 1.66% to Rs 1969) and TCS (down 0.90% to Rs 1238) were not spared either.PSU oil exploration major ONGC lost 1.52% to Rs 893, while auto major Bajaj Auto declined 1.20% to Rs 2634.
Index heavyweight Reliance Industries (RIL) was down 1.48% to Rs 1596.45 ,following reports that it has got a tax benefit of Rs 376.17 crore in 2002-03 because of unreasonable concessions due to under-assessment by tax authorities, as per a report of the Comptroller and Auditor General (CAG) of India, which was tabled in Parliament on Monday, 14 May 2007.
State-run engineering major Bhel advanced 2.66% to Rs 2522, and was the top gainer. It plans to enhance its manufacturing capacity to 15,000 MW per annum with total investment of around Rs 3,200 crore during the Eleventh Plan (2007-2012).
Shares from the banking and financial pack witnessed buying interest on market rumors that CRR (cash reserve ratio) may be slashed by 50 basis points shortly. Private sector banking major ICICI Bank edged up 1.87% to Rs 886.30, while SBI gained 1.51% to Rs 1224 and HDFC Bank rose 1.44% to Rs 1010.10.
Reliance Natural Resources (RNRL) soared 5.70% to Rs 31.55 on huge volumes of 3.65 crore shares. It was included n F&O segment from 14 May.
Labels: Nifty.Sensex
posted by SY at 4:59 PM
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