Sensex ends 95 points down on funds selling, global cues
Sensex ended in the negative zone losing more than 95 points as funds resorted to selling in heavy-weight stocks on weak overseas cues.business Updated: Jul 25, 2007 16:53 IST
Snapping its five-session winning streak, the benchmark index Sensex ended in the negative zone losing more than 95 points on Wednesday as funds resorted to selling in heavy-weight stocks on weak overseas cues.
The 30-share BSE index, which reached an all-time intra-session high of 15,868.85 points on Tuesday, succumbed to profit-selling and profit-taking at prevailing higher levels and ended 95.59 points, or 0.61 per cent at 15,699.33. It had touched a session's low of 15,572.98.
Similarly, the wide-based National Stock Exchange, Nifty, ended 32.05 points or 0.69 per cent at 4,592.70, after moving between 4,620.50 and 4,555.80. It had touched an all-time high of 4,647.95 in the previous session.
Market observers said stocks of cement; capital goods and realty sectors suffered the most, dragging the Sensex down.
Stock brokers said cement sector stocks faced massive selling after reports that the country's trade-practices regulator, MRTPC has ordered a probe into their business, alleging price manipulation.
Country's leading cement makers' stocks such as ACC, Grasim Industries Ltd and Ambuja Cements Ltd ended in negative zone with sharp losses.
Bucking the trend, IT bellwether Infosys Technologies stocks ended sharply higher at Rs 1989.95 after hitting session's high of Rs 2,010 as rating agency Standard and Poor's revised its outlook on the company to 'positive' from 'stable'.