Profit taking trims gains

Even as major Asian indices like Nikkei (Japan), Hang Seng (Hong Kong), Straits Times (Singapore) and Kospi (Korea) clocked 1-2% gains, the Sensex failed to hold on to its early rally and closed way off its highs amid profit taking towards the closing hours. Riding on the back of Friday's buoyant close (157 points higher) and optimism in several international markets, the Sensex resumed 242 points higher (at 14,643) and advanced sharply on sustained buying support to scale above 14,650 and touch an intra-day high of 14,672 (271 points higher). After remaining above 14,500, around 100 points higher, for the entire first half, the Sensex came under the grip of profit taking and slipped below to touch the day's low of 14,416, only 15 points higher than its yesterday’s close. The Sensex finally ended the day only 49 points or 0.34% higher than its yesterday’s close, while the Nifty finished 8 points or 0.18% higher at 4,335.

Among the frontliners, HDFC soared 3.39% at Rs2358, Mahindra & Mahindra rose 2.17% at Rs561, DLF added 2.04% at Rs493.80, Tata Motors jumped 2.04% at Rs434.30, Satyam Computer Services advanced 1.79% at Rs393.30 and ICICI Bank gained 1.76% at Rs655.85. However, Tata Power dropped 2.84% at Rs1,020.90 while Jai Prakash Associates declined 2.74% at Rs159.80 and Ranbaxy Laboratories lost 2.05% at Rs512.10.

The breadth of the market was marginally positive, as of the 2,722 stocks traded on the BSE where 49% or 1,341 stocks advanced, 47%1,289 stocks declined. 92 stocks ended unchanged for the day. On the sectoral front, 7 out of 13 sectoral indices ended with gains. The BSE Realty led the sectoral pack rising by 2% at 5,043, while the BSE Bankex was at No. 2, gaining 1.35% at 6,656.

Realty stocks continued to witness strong buying support. Indiabulls Real Estatae shot up by 6.69% at Rs302.15, Akruti City scaled up 6.48% at Rs825.70, Mahindra Life added 4.04% at Rs475 and DLF gained 2.32% at Rs495.20.Sobha Developers, Unitech, Orbit Corporation, Omaxe and Parsvnath posted marginal gains for the day.

Reliance Natural Resources saw a turnover of more than 1.19 crore shares on the BSE followed by Vishal Information Technologies (62.58 lakh shares), Ksashap Technologies (58.48 lakh shares), Chambal Fertilisers & Chemicals (51.78 lakh shares) and Ispat Industries (50.78 lakh shares).