Shares prices close lower

MUMBAI, July 16: Stocks closed in negative territory on Friday after a week of stupendous gains triggered profit-taking. The benchmark Bo...

MUMBAI, July 16: Stocks closed in negative territory on Friday after a week of stupendous gains triggered profit-taking. The benchmark Bombay Stock Exchange Sensitive Index (Sensex) closed 40 points, or 0.85 per cent, lower at 4,639.94. Over the week it was up 6.3 per cent but off the all-time high of 4,810.33 reached on Thursday.

"Some of the profit-booking continued today, also there was some position-squaring at the end of account," said one dealer. Foreign fund support was limited to software shares, dealers said.

Infosys Technologies led the gainers, up Rs 188.95 at Rs 5,110. Dealers said the share was tracking the gains on the American Depository Receipt market where it closed at $98 on Thursday, $64 above its issue price of $34 in March. Other software shares that rose included Satyam Computer Services up Rs 98.50 at Rs 1,378.50, Software Solution Rs 32.70 at Rs 442, Digital Equipment Rs 36.10 up at Rs 487.70.

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But dealers felt the correction of 170 points from the all-time high would haveprepared the ground for a fresh rise when the markets re-open on Monday. BSE shares were lower than National Stock Exchange shares during the session.

Dealers said the disparity was partly because NSE shares fell more sharply in longer trading hours on Thursday and prices were aligning on Friday. Other gainers included TELCO, Bharat Heavy Electricals, Ranbaxy Laboratories and Mahanagar Telephone Nigam. Data from the BSE showed 524 advancing issues, 1004 declining issues and 144 unchanged issues.

On the other hand, select equities recovered marginally at the NSE on speculative buying by local operators. Reflecting the trend, S&P CNX Nifty Index opened at 1318.30 points, touched the day’s high of 1331.75 points, a low of 1312.30 points before closing at 1324.25 points, showing a net gain of 6.55 points from the previous close of 1317.70 points.