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Sensex ends 26 points lower

The two-day winning streak on selling by mutual funds witnessed shares reaching a peak of 13,790.82.

india Updated: Nov 23, 2006 17:10 IST

The stock market on Thursday cut short its two-day winning streak on selling by mutual funds and retail investors and ended 26 points down after scaling a new peak of 13,790.82 in volatile trade amid heavy FII inflows.

The Bombay Stock Exchange (BSE) 30-share sensitive index fluctuated in a range of 13,790.82 and 13,643.47. It ended the day at 13,680.83, a net loss of 25.70 points or 0.19 per cent from Wednesday's close of 13,706.53.

The broader S&P CNX Nifty of National Stock Exchange (NSE) closed 9.30 points or 0.24 per cent lower at 3,945.45 from the previous close of 3,954.75.

Mutual funds and retail investors were believed to be sellers at higher levels.

Attributing selling pressure by operators to approaching end of November series, brokers said there was nothing discouraging but investors preferred to book profits at higher levels despite sustained FII inflows in the past several days.

Mutual funds reported net sales of Rs 364.59 crore in the initial two days of week while Foreign Institutional Investors (FIIs) pumped in over 700 crore in the same period. As per provisional numbers, they reported net investments of Rs 560 crore in the cash on Wednesday.

The market is still considered bullish with growing Indian economy. India's sustained economic growth ensured by robust corporate earnings and rising industrial production has been pushing the bourses to new heights on a daily basis.

Thursday's fall from the day's high is seen as an intra-day correction for the market's good health, they added.