Sensex sheds 97 pts as China triples tax on share-trading
India's key stock market index on Wednesday tripped and fell by 97 points as investors began selling after other Asian markets turned weak.business Updated: May 30, 2007 17:19 IST
India's key stock market index on Wednesday tripped and fell by 97 points as investors began selling after other Asian markets turned weak following China's decision to triple the tax on securities transaction.
Initially, the markets showed signs of a fresh rally but turned negative after China's decision caused Asian stocks to fall across the board, market players said.
Touching the intra-day high of 14,576.37 at the outset, the benchmark Sensex later came under pressure and dipped to a low of 14,379.21 before ending the day at 14,411.38, a loss of 96.83 points or 0.67 per cent that also marked the end of a three-day advance.
The BSE barometer had added 290.10 points or 2.04 per cent in the last three sessions.
The broader S&P CNX Nifty of the National Stock Exchange (NSE), which hit a new intra-day high of 4,301.60, later fell back to close at 4,249.65 from previous close of 4,293.25, a net fall of 43.60 points or 1.02 per cent.
While operators seemed interested in squaring up ahead of the expiry of May contract in the Futures and Options, the development in China triggered all-round profit selling in shares. China's decision to raise the stamp duty on stock trading is expected to hurt the global market sentiment.
In Asian markets, Shanghai Composite tumbled by 6.5 per cent, Hang Seng by 0.86 per cent, Nikkei by 0.48 per cent and Straight Times by 0.45 per cent.
The engineering heavyweight L&T, however, shined with a strong 7.39 per cent jump on the back of outstanding fourth quarter performance.
Public Sector engineering giant BHEL too remained in the light and hit an all-time high of Rs 2,922.50 but later fell back and ended in red due to late profit booking.
The market breadth was highly negative with 1,594 losers against 991 gainers of the total 2,652 total traded shares.
The trading volume jumped to Rs 5,303.08 crore from Rs 4,605.18 crore on Tuesday. Mic Elect -- listed today -- topped the list of highest turnover of Rs 492.63 crore followed by L&T (Rs 218.21 crore), Orbit Co (Rs 150.42 crore), RIL (Rs 150.39 crore) and ICICI Bank --FII deals-- (Rs 121.50 crore).
The broad-based BSE-100 index fell back by 68.37 points to 7,396.22 from previous close of 7,464.59.
The BSE-200 index and the Dollex-200 were quoted down at 1,750.33 and 716.70 at close compared to previous close of 1,766.88 and 726.16 respectively. The BSE-500 Index dropped by 53.10 points to 5,597.11 from last close of 5,650.21 and the Dollex-30 ended lower at 2,909.92 from 2,940.32.
Infosys Tech dipped by 47.30 to 1904.30, TCS by 17.90 to 1213.55, Satyam Comuter by 6.80 to 465.20, Wipro by 3.35 to 536.05, BHEL by 87.90 to 2768.30, ACC by 8.95 to 861.70, Cipla by 3.80 to 214.75, Bharti Airtel by 3.75 to 831.30, Grasim by 13.35 to 2495.40, HDFC Bank by 40.75 to 1104.65, Hindalco by 3.95 to 140.55, HLL by 3.90 to 198.70, ICICI Bank by 9.85 to 911, ITC by 2.65 to 162.35, Maruti by 17.25 to 802.90, ONGC by 3.35 to 912.75, REL by 20.60 to 534.70, Reliance Com by 19.75 to 501.45, RIL by 1.80 to 1752.95, Tata Steel by 1.50 to 627.75 and Ranbaxy by a rupee to 389.45.