Markets cool off as profit booking kicks in (Roundup)

March 24th, 2009 - 6:05 pm ICT by IANS  

Sensex Mumbai, March 24 (IANS) The rally in Indian equities markets lost steam Tuesday as investors took advantage of higher valuations and booked profits in select stocks, leading to a key index sliding from the day’s high at day’s close.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 9,549.52 points, shut shop at 9,471.04 points - a marginal rise of 47.02 points or 0.5 percent.

However, the S&P CNX Nifty of the National Stock Exchange (NSE) closed lower, shedding 0.04 percent from its last close to end trade at 2,938.7 points.

The BSE midcap index ended 0.58 percent lower, while the BSE smallcap index was down 0.68 percent.

Of the 13 sectoral indices on the exchange, the indices for banking and realty stocks ended in positive terrain, while that for metal and consumer durables stocks saw profit booking.

Gainers of the 30 composite Sensex were led by HDFC, up 6.31 percent at Rs.940.50; ICICI Bank, up 2.44 percent at Rs.355.10; HDFC, up 2.33 percent at Rs.1,564.45; and BHEL, up 2.25 percent at Rs.1,444.35.

Among losers were Jaiprakash Associates, down 6.77 percent at Rs.78.55; Hindalco, down 4.51 percent at Rs.49.70; Reliance Infra, down 4.23 percent at Rs.508.15; and Reliance Communications, down 3.98 percent at Rs.161.45.

The overall market sentiment was mixed, with 1,134 stocks advancing, 1,395 scrips declining and 107 remaining unchanged.

Other Asian markets closed in the green as US treasury secretary Timothy Geithner unveiled the much-anticipated details of the $1-trillion “public-private” programme to buy toxic mortgage assets that have brought Wall Street banks to the brink of collapse.

Japan’s benchmark Nikkei 225 stock average closed shutters 272.77 points higher than its previous close, while the Hang Seng, a key index of the Hong Kong Stock Exchange, ended trade 3.44 percent or 462.92 points higher at 13,910.34 points.

European markets, which came online before Indian bourses ended trade, started in the green before slipping into the red with the FTSE in Britain trading 42.9 points lower and its French peer, CAC 40, trading marginally in negative terrain, 4.86 points lower.

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