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Indian shares end tad lower after four-day rally
Thursday, 12 February 2004, 20:30 IST
MUMBAI: India's benchmark share market index closed in the negative zone Thursday, reversing the gaining streak in the last four consecutive sessions, with investors rushing to pocket gains in blue-chip equities at higher levels.
Dealers said that the market opened firm Wednesday after netting a moderate gain of 0.3 percent in the previous session. The market showed firm trend in the early trade on institutional buying in shares of cement and automobile companies.
The stock market index, however, failed to maintain its gaining momentum for long and it slipped into the negative zone in the intra-day trade on profit taking at higher levels.
Reflecting the cautious market sentiment, the barometer 30-share Bombay Stock Exchange sensitive index or Sensex closed at 5,936.96, a loss of 12.82 points or 0.22 percent.
The market index had gained over four percent in the last four consecutive sessions on bargain hunting by institutional investors in new as well as old economy stocks at attractively lower levels.
"The overall market mood is very uncertain in view of the fast-approaching parliamentary elections. In uncertain times, investors prefer to book profits and stay on the sidelines," said a fund manager with a foreign brokerage firm.
"I think the market will continue to move sideways in the sessions ahead. Although the overall market fundamentals continues to be positive, investors don't want to enlarge their portfolio significantly in the run up to the elections."
India's top poll panel Thursday began a comprehensive exercise to review arrangements for upcoming national elections in the world's largest democracy, before announcing election dates possibly next week.
In the first of its staggered consultations aimed at free and fair elections, the three-member Election Commission met chief secretaries and police chiefs of about a dozen states Thursday.
The Lok Sabha, the lower house of parliament, was dissolved earlier this month, five months ahead of its term, to pave the way for fresh general elections in India widely expected in April.
The dissolution of the 545-member house came a day after parliament was adjourned sine die after a five-day session.
In the technology sector, Infosys Technologies, India's largest listed software exporter, lost two percent to touch 
5,354 on institutional profit taking at higher levels.
Software major Wipro ended 1.8 percent lower at 1,580 and Hyderabad-based Satyam Computer closed with a loss of 0.6 percent at 332.30.
In the old economy sector, stocks of cement companies such as Associated Cement Companies fell 2.2 percent to 269.10, Grasim Industries was down two percent at 1,130 and Gujarat Ambuja Cements closed with a loss of 1.7 percent at 304.
Stocks of cement companies had staged smart rally in the previous session on reports that prices would rise by 15 per 50 kg bag to about 185 next week.
Source: IANS
5,354 on institutional profit taking at higher levels.
Software major Wipro ended 1.8 percent lower at 1,580 and Hyderabad-based Satyam Computer closed with a loss of 0.6 percent at 332.30.
In the old economy sector, stocks of cement companies such as Associated Cement Companies fell 2.2 percent to 269.10, Grasim Industries was down two percent at 1,130 and Gujarat Ambuja Cements closed with a loss of 1.7 percent at 304.
Stocks of cement companies had staged smart rally in the previous session on reports that prices would rise by 15 per 50 kg bag to about 185 next week.
Source: IANS