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Intra-day: Mkts show signs of consolidation

The 30-share barometer moves in the range of 18,689.41 and 18,509.54 points before being quoted at 18,689.41.

business Updated: Feb 05, 2008 12:54 IST

The Bombay Stock Exchange benchmark Sensex on Tuesday showed signs of consolidation and rose 29 points in late morning deals, recovering from a loss of 159 points in early trade.

The 30-share barometer moved in the range of 18,689.41 and 18,509.54 points before being quoted at 18,689.41 at 10.30 am, a rise of 29.09 points over yesterday's close of 18,660.32.

Weak global cues weighed on the local bourses as the benchmark Sensex showed signs of consolidation after choppy sessions in last couple of weeks.

IT shares, which were in demand for last few days, suffered a sharp setback on profit-booking. Besides banking and auto counters, which were trading at higher levels, met with strong resistance.

The broad-based S&P CNX Nifty of the National Stock Exchange also improved by 16.35 points to 5,479.85 from previous close of 5,463.50.

Besides Taiwan, most of the other Asian stock indices displayed a feeble trend in the morning on the back of bearishness on Wall Street last night.

Domestic Institutional Investors (DIIs) continued to give support to the market and they pumped in Rs 731.83 crore on Monday, while Foreign Institutional Investors (FIIs) also picked up shares worth Rs 163.74 crore on the same day as per provisional data.