Sensex 64 points down at close
The Bombay Stock Exchange swung by over 150 points in extremely choppy trade on Wednesday.
It ended 64 points down at 10,841.35 largely due to heavy profit selling alternated by bear covering at lower levels amid continued inflows from institutional investors.
The market adjusted to a downward correction for the second day in a row after touching the 11,000 mark in the previous trading session.
The Bombay Stock Exchange (BSE) Benchmark 30-share Index (sensex) turned highly erratic after opening marginally lower at 10,900.02 and fluctuated between 10,935.09 and 10,784.42 before ending the day at 10,841.35 against Tuesday's close of 10,905.20, a net fall of 63.85 points or 0.59 per cent.
Operators and retail investors adopted cautious approach and booked profits along with day traders, brokers said adding "bears, however, resisted by covering positions at the day's lower levels leading a smart recovery from the day's low."
Foreign Institutional Investors (FIIs) and Local Mutual Funds, which have been consistent buyers so far in the month, however, were believed to be buyers in pharmaceutical stocks.
FIIs and Mutual funds reported heavy net investments of Rs 4,300 crore and Rs 2,625 crore till March 20.
Heavyweights like RIL, SBI, Infosys Technologies, L&T, Wipro, Maruti Udyog, Bharti Tele-Venture, ICICI Bank, Hindalco and Hero Honda led the pack of losers.
However, Dr Reddy's Lab rallied sharply and closed with sharp gains. Cipla, HLL, HDFC Bank, HDFC, BHEL, Tata Motors, Satyam Computers and Tata Power scored handsome gains.