Sensex volatile in early trade
However, Reliance Industries' shares hit Rs 1,000 level for the first time.india Updated: Apr 21, 2006 11:55 IST
Reacting to disappointing fourth quarter results by Satyam Computer, the stock market turned weak after touching yet another peak of 12,102.00 points and dropped by 16 points in volatile activity during morning trading.
Unlike IT majors such as Infosys Technologies, Wipro and Tata Consultancy Services, Satyam Computers this morning announced financial results, which fell short of the market expectations leading to selling pressure by investors at the weekend session.
After a four-day bull charge, the Sensex fell back sharply after hitting an all-time intra-trade peak of 12,102.00 points and was quoted at 12,023.94 points at 10.30 am, down by 15.61 points from previous close of 12,039.55.
The Sensex was overstretched by more than 800 points in the last four trading sessions on the back of announcements of very impressive earnings by a few leading corporates during the week.
The top heavyweight Reliance Industries touched a new peak of Rs 1,000 per share in early trade on reports of a likely stock split but later succumbed to heavy profit-booking by day-traders and retailers.