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India's key share index ends lower on profit taking
Thursday, 17 July 2003, 19:30 IST
MUMBAI: Institutional profit taking in shares of heavyweight technology and banking companies pulled down India's key stock market index in the negative zone Thursday.
Mirroring the cautious sentiment, the stock market barometer 30-share Bombay Stock Exchange sensitive index or Sensex closed at 3,668.91, a loss of 52.74 points or 1.42 percent from its previous session's close.
Analysts say the market opened the trade little changed even as shares of cement companies staged a moderate rally on hopes that most of the leading cement makers would post robust April-June quarterly financial numbers.
After moving within a close range for better part of the trading session, the market index was pulled lower in the second half with investors rushing to pocket gains on counters of technology and banking companies.
"The market will continue to witness alternate bouts of selling and buying pressure till some clear indication emerges on the corporate earnings front," said a broker with the Bombay Stock Exchange.
"While the overall market mood continues to be positive, a section of bear operators are seeing every little rise in the index as an opportunity to book profit," the broker added.
"The market may witness a sustained mid-term recovery if the quarterly results of the index heavyweights such as Wipro and Hindustan Lever manages to live up to the investor expectations."
The quarterly earning reporting season, which was kicked off in style by India's tech bellwether Infosys Technologies last week, is set to enter into hectic times in the coming days with a host of firms posting their April-June numbers.
Market traders closely track quarterly and annual fiscal results of heavyweights like Wipro and consumer goods giant Hindustan Lever to get some clue about industry's overall health.
In the technology sector, shares of Wipro, India's fourth largest software exporter, lost 5.7 percent to touch 
175.05. The Bangalore-based company will unveil its quarterly financial numbers Friday.
Infosys Technologies, India's largest listed software exporter, on the other hand, ended with a marginal gain of 0.4 percent at 3,453.80 on select institutional buying interest.
In the old economy sector, consumer goods giant Hindustan Lever fell 3.5 percent to 157.50 and Reliance Industries, India's largest refiner and petrochemicals maker, ended 2.1 percent lower at 337.60.
State-run banking companies such as Bank of Baroda lost 7.6 percent to touch 132.95, Punjab National Bank was down 7.2 percent at 169.05 and Corporation Bank closed with a loss of 5.3 percent at 181.60.
Source: IANS
175.05. The Bangalore-based company will unveil its quarterly financial numbers Friday.
Infosys Technologies, India's largest listed software exporter, on the other hand, ended with a marginal gain of 0.4 percent at 3,453.80 on select institutional buying interest.
In the old economy sector, consumer goods giant Hindustan Lever fell 3.5 percent to 157.50 and Reliance Industries, India's largest refiner and petrochemicals maker, ended 2.1 percent lower at 337.60.
State-run banking companies such as Bank of Baroda lost 7.6 percent to touch 132.95, Punjab National Bank was down 7.2 percent at 169.05 and Corporation Bank closed with a loss of 5.3 percent at 181.60.
Source: IANS