Date:27/04/2005 URL: http://www.thehindu.com/2005/04/27/stories/2005042707051800.htm

Business

Market snaps 4-day winning streak

MUMBAI: The Sensex snapped its four-day winning streak and fell back on Tuesday by 38 points on the Bombay Stock Exchange (BSE) here, as operators began squaring up long positions in view of approaching end of derivatives contract.

The BSE barometer had risen by 242.99 points or 3.96 per cent in the last four trading sessions on the back of short covering by a few operators who were short in positions.

The BSE benchmark 30-share index opened lower at 6374.28 and later fluctuated between 6377.54 and 6323.32 before ending the day at 6339.98 against yesterday's close of 6377.85, a net fall of 37.87 points. The broadbased BSE-100 index dropped by 16.76 points to 3417.19. Operators, particularly those who have long outstanding positions, reduced their holdings ahead of the expiry of April contract in the Futures and Options (F&O) on Thursday.

High global oil prices and a likely hike in petrol price partly affected the sentiment. Blue chip counters such as Tata Motors, ONGC, Infosys Tech, Satyam Computers, Wipro, L&T, Tata Steel, ITC and Maruti Udyog suffered a sharp setback on selling pressure. IPCL, however, witnessed a smart rally on the company's announcement of encouraging working results. for 2004-05. — PTI