Equities ease on profit selling; Sensex up 43 points

MUMBAI — Domestic stock markets snapped their eight-day winning streak yesterday as profit booking emerged at higher levels in late trade.

By Our Correspondent

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Published: Thu 6 Sep 2007, 9:13 AM

Last updated: Sat 4 Apr 2015, 11:33 PM

The market saw volatile movements towards the later half of the day, in sync with Asian and European markets, which also swung in and out of positive zone. Buying was seen in software, sugar and realty stocks. Selling was witnessed in capital goods and oil & gas stocks.

The BSE 30-share Sensex declined 19.25 points or 0.12 per cent at 15,446.15. It opened higher at 15,535.35 and advanced further to hit a high of 15,580.86. It hit a low of 15,407. Sensex oscillated in a range of 173.86 points for the day.

The Sensex had surged 1,301 points, or 9.18 per cent, in eight trading sessions, from 14,163.98 on August 23, 2007 to 15,465.40 on September 4, 2007. A fall in inflation and robust economic data along with steady inflow of FIIs helped the market rally in the recent past.

India's third largest pharma company by sales, Cipla gained 2.17 per cent to Rs183.50 on 9.27 lakh shares. It was the top gainer from Sensex pack.

Ambuja Cements, India's third-largest cement maker, gained 1.98 per cent to Rs138.80 after the company said during trading hours yesterday its cement shipments rose 3 per cent to 1.15 million tonnes in August 2007 over August 2006.

India's largest power generation company by sales NTPC advanced 1.74 per cent to Rs184.50. The stock hit an all-time high of Rs188.60. As per reports, NTPC is looking at the possibility of acquiring Karnataka-based public sector firm Tungabhadra Steel Products (TSPL). TSPL is a supplier of hydraulic gates, radial and vertical gates for hydel power plants, equipment for sponge iron and thermal power plants, and even oil rigs.

ICICI Bank (up 1.45 per cent to Rs917.25) and Grasim (up 1.06 per cent to Rs3055) were the other gainers from the Sensex pack.

IT pivotals gained on fresh buying. Wipro (up 1.08 per cent to Rs471), Infosys (up 0.20 per cent to Rs1892.30) and TCS (up 0.87 per cent to Rs1075) rose.

However India's fourth largest software company by net profit, Satyam Computers slipped 0.72 per cent to Rs446 on high volumes of 14.26 lakh shares after a block deal of 11.61 lakh shares was struck on the counter on BSE at Rs453.30 by 09:58 IST.

The rupee was hovering at 40.94, slightly firmer than Tuesday's close of 40.97/98.

India's largest private sector entity and oil refiner Reliance Industries (RIL) slipped form an all-time high of Rs1999.30 struck earlier during the day. It shed 1.28 per cent to Rs1946.20 on 6.56 lakh shares. CPI (M) on Tuesday, joined the row over pricing of gas to be produced from RIL's Krishna Godavari basin, asking the government to reject what it feels is an artificially inflated price proposed by the company.

RIL said after market closed on Tuesday it had acquired a majority stake in Gulf Africa Petroleum Corp for an undisclosed sum.

India's top small car maker in terms of net profit Maruti Udyog slipped 2.68 per cent to Rs869.95 after it hinted that it may continue to offer discounts on its car models to boost sales in the upcoming festive season. It was the top loser from the Sensex pack.

Ranbaxy Laboratories (down 2.09 per cent to Rs398.20), and ACC (down 2.05 per cent to Rs1075.10) were the other losers from the Sensex pack.

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