Market Close: Slips looking at its counterparts..

Indices continued to venture in the negative territory after a green start on the back of selling pressure. The preceding sessions continued to be choppy as the indices recovered back before slipping again in the final hours of trading. TCS results had nothing big to surprise the market which also succumbed to selling adding to this was further weakening of Dollar as Indian Rupee appreciated to Rs 41.71 and later managed to trade at Rs41.85. All IT stocks saw profit booking. Banking stocks surged after the mid session and Cement stocks rallied at the start but later it too witnessed some levels of selling pressure.

India's foreign exchange reserves rose above $200 billion for the first time in April, indicating robust foreign fund inflows, which ultimately had a negative impact on the Dollar sentiment. Demand continued to be strong for the newly listed ICRA which traded high but slipped on profit booking. Midcaps and Small caps too saw selective buying. Lack of support seen from the Asian indices which ended in red while the European markets trading in the negative territory.

Sensex ended lower by 89 points at 13607.04. Weighing on the Sensex were losses in Satyam (455.9,-5 percent), Tata Motors (730.5,-3 percent), TCS (1249.5,-2 percent), Cipla (230,-2 percent) and Infosys (2081.7,-2 percent). While Losses were restricted by gains in Bajaj Auto (2548.2,+3 percent), ACC (806.7,+3 percent), Guj Ambuja (113.75,+1 percent), RIL (1476.05,+1 percent) and L & T (1669.3,+1 percent).

Bharat Electronics ltd. reported its results with net profit at Rs. 714 cr on revenues at Rs. 3960 cr. Defence segment sales were 76% of the total revenue. The company expects a turnover of Rs. 9,000 cr by 2011-12.For financial 2006-07, all nine units of the firm were profitable. Bharat Electronics expects a turnover of Rs. 4,500 cr in 2007-08 (Apr-Mar).Company is well positioned to achieve those targets as the order book of Rs. 9,000 cr, against Rs. 6,600 cr rupees a year ago. Good sign that the company's all segment is profitable and expect good times in coming quarters with huge Order Backlogs. Stocks felt the selling pressure which slipped by obver 5%.

Maruti announced that the company plans to introduce the immobilizer system across all its models. The device, called iCATs (intelligent Computerised Anti-Theft system) works on the principle of multiplexed communication. Under this system, a transponder - inbuilt into the car key - carries a unique electronic identification and a secret code that digitally communicates with the engine computer via a controller. If the secret code matches, the engine starts and in case of a mismatch, the electronic circuitry does not let the car to start, thereby preventing the car from being stolen. Company is expected to pass on the hike in price of the additional device on the consumers. The addition of the security device would increase the cost marginally and would not have much impact on sales numbers. However,It is the impact of interest rate hike that needs to be watched for as that is expected to have an impact on the car sales numbers. Maruti ended 2% lower for the day while the Auto counter ended mixed.

Technically Speaking: Choppy session for the day with no clear direction. Sensex made an intra day high of 13,613 and low of 13,581 with Advances declines ratio of 1:1.3. Sensex Support lies at 13,580-13,480 levels while the Resistance lies at 13,710 levels. Market Volumes were tuning to Rs. 4,547 cr which was quite good.