Profit selling pulls market down at mid-session | business | Hindustan Times
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Profit selling pulls market down at mid-session

The Bombay Stock Exchange benchmark Sensex dipped by nearly 71 points at mid-session today on emergence of profit selling in heavy-weight stocks, specially in the IT counter, which had made significant gain in the previous session.

business Updated: Jan 19, 2010 15:12 IST

The Bombay Stock Exchange benchmark Sensex dipped by nearly 71 points at mid-session today on emergence of profit selling in heavy-weight stocks, specially in the IT counter, which had made significant gain in the previous session.

The 30-share Sensex, which had gained 87 points yesterday, fell by 70.93 points to 17,570.15 at 1230 hrs as information technology majors like Infosys, Tata Consultancy and Wipro lost grounds.

The IT stocks had moved up after Tata Consultancy Services had announced encouraging quarterly financial results. It had posted over 34 per cent jump in profit for the December quarter on Friday.

Besides the IT segment the other counters that witnessed selling pressure include tech and heath care.

The second wide-based National Stock Exchange index Nifty lost 24.65 points at 5,250.20 at the same time.

Wipro fell 1.2 per cent to Rs 738.75. Tata Consultancy Services, the largest software services exporter, declined 1.5 per cent to Rs 789.95. Infosys, the second largest, slipped 0.9 per cent to Rs 2,662.

The falling trend was capped as index-heaviest Reliance Industries and some metal majors like Sterlite Industries, Sesa Goa and Tata Steel gained on investment buying backed by rising base-metal prices in the overseas markets.