Indian equities crash on profit taking

Indian equities crash on profit taking

Friday, 27 April 2007, 07:00 Hrs
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Mumbai: Indian shares crashed Friday, led by sharp drops in some heavyweights such as Reliance Industries and Bharti Televentures, as investors resorted to profit taking after sharp gains over the past week, analysts said.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) dropped 320.30 points, or 2.25 percent, to close the day below the 14,000-point mark at 13,908.58 points.

The index opened weak at 14,219.25 points, compared with the previous day's close at 14,228.88 points and never made headway. The opening level was also the highest for the index Thursday and had hit a low of 13,884.53 points just before close.

As many as 27 stocks that comprise the basket of 30 in the Sensex ended in the red. Only three ended marginally higher.

"The markets were on a roll for the past week and had risen by over six percent. So profit taking was very much on the cards," said an equities analyst with a leading brokerage here.

He pointed out that despite the 2.25 percent drop Friday, the Sensex was still up by six percent, or 784 points, over the past month.

The three Sensex shares that gained were Satyam Computers, up 1.52 percent at 467.25, Wipro, up 0.52 percent at 566.05, and state-run National Thermal Power Corp (NTPC), up 0.25 percent at 158.65.

The major losers were Cipla, down 14.27 percent (rpt 14.27) at 217.10, Bharti Airtel, down 4.15 percent at 826.25, State Bank of India, down 4.12 percent at 1,098.80 and Reliance, down 3.67 percent at 1,538.20.
Source: IANS
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