Key market index slips on profit booking

Dec 13, 2007, 16:04 GMT

Mumbai Dec 13 (IANS) Despite a record start, India's benchmark index fell by 271 points at the close of trading due to profit booking.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) declined 271.48 points or 1.33 per cent at 20,077.83 against the previous close of 20,375.87 points. It had earlier jumped to a new high of 20,498.11 points in early trades.

The broader 50-share S&P CNX Nifty of the National Stock Exchange also declined by 101.20 points to 6,058.10, after touching an all-time high of 6,185.40 in early trades.

However, market breadth, indicating overall health of the market, was strong on BSE.

As many as 1,813 stocks advanced, 1,056 stocks declined and 28 stocks remained unchanged. Twenty-one out of 30 stocks from the Sensex pack also declined.

During the session, Sensex rose up to a 122.24-point high but failed to sustain the upward trend due to heavy selling in the later part of the day. It hit a low of 20,065.63 in late trade.

At the day's lowest, Sensex had lost 310.24 points.

There was however strong buying momentum for small and mid-cap stocks.

Fast moving consumer goods and metal stocks rose. IT, power, oil and gas, capital goods and banking stocks declined.

ITC and Tata Steel were top gainers while Bharti Airtel and ICICI Bank were top losers in the Sensex.

Reliance Industries' stock also declined sharply in late trades.

As per provisional data available, foreign institutional investors (FIIs) were net sellers to the tune of Rs.3.22 billion in the futures and options segment Wednesday.

They were net buyers of index futures to the tune of about Rs2 billion and bought index options worth about Rs.9 billion.

The FIIs were net sellers of stock futures to the tune of about Rs.6 billion and bought stock options worth Rs.15 million.

© 2007 Indo-Asian News Service