Sensex sheds 25 pts on profit booking

The BSE Sensex snapped 8-session winning spree,closing 25 points down at 19,420.39.

The BSE Sensex snapped 8-session winning spree,closing 25 points down at 19,420.39,due to fag-end profit-booking amid rising crude oil prices despite heavy buying in realty and metal stocks.

The 30-share Bombay Stock Exchange index,Sensex,resumed higher at 19,463.11 and shot up further to 19,562.55 due topersistent buying on heavy capital inflows from foreign funds.

However,it declined to 19,382.35 on mild profit-booking in Banking,Oilamp;Gas and IT stocks and closed at 19,420.39,showing a net loss of 24.83 points or 0.13 per cent.

Sensex had gained 1,606.17 or 9 per cent in the previous eight sessions.

The NSE 50-share Nifty eased 7.70 points or 0.13 per cent to end at 5,826.05 from its last close.

FIIs have remained net buyers since March 22 and picked up shares worth Rs 7,876.79 crore,including provisional figure for March 31.

Brokers said selling pressure emerged as investors booked profits at higher levels,amid fears that rising crude oil prices will fan inflation and lead to high interest rates.

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Oil reached a 30-month high in New York at USD 107.65 on concerns that the conflict in Libya,Africas third-largest exporter,will prolong production cuts and spread to Middle East producers.

8220;On the macro front,high oil prices are a cause for concern amid persistent turmoil in the Middle East,8221; said Amar Ambani,Head of Research India Private Clients 8211; IIFL.

He added,8221;One will have to look out for possible changes in monetary policies in Europe,UK and later in the year in the US as well. China too may continue to jack up rates gradually. The RBI is also likely to remain vigilant as inflation is still elevated.8221;

Meanwhile,Asian markets turned positive after a survey showed that manufacturing accelerated in China in March. Key benchmark indices in Hong Kong,South Korea,Singapore,Taiwan and China ended higher 8212; up between 0.25 per cent and 1.33 per cent,while Japan8217;s Nikkei eased by 0.48 per cent.

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European stocks were firm in opening trade with support from the financial sector. The Key benchmark indices in France,Germany and London edged up 0.60 per cent to 0.89 per cent.

Among BSE sectoral indices,Bankex fell 0.83 per cent,Oilamp;Gas 8211; 0.59 per cent,IT 8211; 0.47 per cent and Teck 0.31 per cent. However,BSE-Realty shot up 2.60 per cent,followed by Metal 8211; 1.15 per cent,Power 8211; 0.93 per cent,CG 8211; 0.84 per cent and Auto 8211; 0.70 per cent.

Mid-cap and Small-cap indices also rose 1.59 per cent and 2.23 per cent respectively in view of renewed buying from operators and investors.

From the Sensex pack,major losers were NPTC 2.12 per cent,followed by State Bank Of India 1.75 pc,Reliance Ind 1.19 pc,Tata Power 1.04 pc and ICICI Bank 0.90 pc.

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However,Reliance Communications shot up 3.67 per cent,followed by Jaiprakash Associates 3.03 pc,BHEL 2.57 pc,Hindalco Ind 2.42 pc,Mamp;M 1.65 pc,DLF 1.53 pc,HDFC 1.07 pc and Hero Honda 1.01 pc.

The total market breadth was positive as 2,178 counters ended with gains,while 682 finished with losses at BSE.

The total turnover fell to Rs 2,964.24 crore from Thursday8217;s8217;s Rs 3,226.86 crore. Shares of SBI showed the highest turnover of Rs 133.80 crore,followed by Reliance Capital Rs 73.64 crore,Tata Coffee Rs 72.92 crore,Delta Corp Rs 68.19 crore and Hindustan Oil Rs 68.04 crore.