Sensex falls by 75 pts on profit-taking

MUMBAI, AUG 19: After the uptrend in the last three sessions, pivotals suffered a setback on the Bombay Stock exchange (BSE) today on eme...

MUMBAI, AUG 19: After the uptrend in the last three sessions, pivotals suffered a setback on the Bombay Stock exchange (BSE) today on emergence of profit-taking coupled with lack of speculative support at the higher level. Sensex dropped by 75 points and the market turned cautious as outstanding positions continued to remain high following the recent speculative build-up.

Sensex (BSE sensitive index) crashed from the day’s high of 4742.44 to 4627.56, before closing at 4630.06, showing a net loss of 75.07 points from the previous close of 4705.13. The BSE-100 index too dropped by 31.23 points to 2078.81 as against the previous close of 2110.14.

Discouraged by the continuous selling by foreign funds in the current month, operators resorted to sustained selling in prime counters. Reports of the United States going back from its earlier assurance of withdrawal of sanctions on India for conducting nuclear tests also added to the bearish phase.

Initially, the benchmark index attempted a rally rising to the day’s high of 4742.44 around mid-session, reflecting smart gains in select index-based scrips in line with some pharma and cyclical stocks that were in keen demand. After mid-session, Sensex changed its direction as operators pressed sales to wind up their positions following rumours that FIIs had made net sales of about Rs 200 crore in the current week.

FIIs were heavy sellers in software scrips like Satyam Computer, Infosys Technologies, Pentafour Software, NIIT and Digital Equipment besides Pfizer, Rhone Poule and Wockhardt. Of the 148 traded specified scrips, 127 registered sharp to modest losses while 21 showed gains. The volume of business was very low at Rs 2191.28 crore compared to yesterday’s turnover of Rs 2423.82 crore. Ranbaxy clocked the highest turnover of Rs 227.67 crore.

Ranbaxy Lab lost Rs 13.10 at 1018 on profit-taking. Larsen lost by Rs 5.50 at Rs 348, ITC by Rs 39.95 at Rs 974, Hindustan Lever by Rs 14.55 at Rs 2597, TELCO by Rs 20.30 at Rs 271.20, TISCO by Rs 3.35 at Rs 141.75, Reliance by Rs 1.50 at Rs 173 and MTNL by Rs 1.85 at Rs 197.25.