Market likely to consolidate
Finally, profit booking was seen on the Dalal Street as the bulls decided to lock in some gains at the weekend, dragging the key indices lower today. Impressive performance from biggies like RIL, Ranbaxy, REL, Siemens powered the bulls forward. However, profit booking brought the markets lower higher from days high. However, a slight disappointment from Satyam brought the markets lower on Friday. Satyam Computers, REL, Cipla, Bajaj Auto and Tisco were the major losers among the 30 Sensex stocks. Finally, the BSE 30-share Sensex closed at 14183, lower by 35 points and NSE Nifty lost 19 points to close at 4090.
Oil and gas stocks were in momentum yet again after crude oil slipped 3.4% to $50.48 a barrel in New York yesterday. Futures earlier fell as low as $49.90, the lowest intraday price since May 25, 2005. February crude was trading at $50.34, down 14 cents from the New York close. HPCL was up by over 1% to Rs322, IOC was up 1% to Rs495.
FMCG stocks also recorded smart gains ahead of the announcements of the results of index heavyweights ITC and HLL. ITC rose 2% to Rs176
Frontline Technology stocks cooled off after recent gains. Satyam Computer dropped 5% to Rs489 after company announced its Q3 earnings with net sales at Rs15.95bn and profit at Rs3.43bn. Wipro was down by 3% to Rs620 and Infosys was down by 1% to Rs2202.
Cement stocks were up ion hopes of a increase in cement prices. ACC was up by 1% to Rs1109, Gujarat Ambuja Cement advanced by 2% to Rs149 and Grasim was up by 0.9% to Rs2891.