Business
Early gains not fully held on BSE
MUMBAI DEC. 6. Late profit booking wiped out a major part of the initial sharp gains in the Sensex on the Bombay Stock Exchange today but a smart rally in Infosys Technologies ensured that the index closed in the positive territory at 3431.57, a modest rise of 21.93 points.
Software major, Infosys remained the forerunner following heavy buying by foreign funds and touched the 10 per cent upper circuit band during early trading and helped the benchmark to briefly breach the crucial 3500-level, a dealer said.
However, fag end offloading by domestic institutions in software as well as select cyclical counters erased most of the early gains while some even registered losses, partly denting the recent buoyancy, he added.
Citing the initial rally in share values to a sharp upswing of 83.74 points in the Nasdaq composite index yesterday which crossed the 2000-mark dealers said speculators and retail investors were keen to put their money in technology shares. The Dow Jones Industrial Averages also spurted by 220.45 points, crossing the psychological 10,000-level for the first time since September 5. The bullish mood was further aided by a stronger start in Southeast Asian markets.
The BSE-30 share sensitive index opened firm at 3440.56 and rallied sharply to a peak of 3500.20, but later succumbed to profit taking to a low of 3414.43, before settling at the close to 3431.57, higher from previous levels of 3409.64. The BSE-100 index improved further by 2.59 points to 1643.08 from 1640.49.
Though the Sensex landed in the positive terrain, 118 including 15 index based scrips registered losses while only 53 closed with gains.
The BSE-200 and the Dollex-200 were quoted up at 359.75 and 125.02 against 359.71 and 125 respectively. The BSE-500, however, eased by 1.33 points to 1061.62 from 1062.95. The Dollex-30 moved up to 588.04 from 584.29.
The volume of business for the first time crossed the Rs. 2,000 crore mark in the last nine months and shot up to Rs. 2,474.59 crores and also sharply higher than Rs. 1,796.98 crores recorded yesterday. The total turnover was Rs. 2,464.61 crores on March 13Infosys remained the top traded share with a turnover of Rs. 366.90 crores.
-- PTI
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