The Hindu Business Line : Techs fall on profit booking

CLOSE on the heels of the announcement of a rise in interest rates in China, the Sensex snapped its three-day rally to end lower at 5672.27 points, a drop of 43.35 points. On the National Stock Exchange, the S&P CNX Nifty declined 13.20 points to close at 1786.90.

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Stocks such as Tata Steel and Hindalco were prominent in the sell-off, amid fears that the move to raise interest rates could affect demand for their products. The Nifty shed 13.20 points to close the day at 1786.90 points.

Tech stocks within the Sensex such as Infosys, Satyam Computer and Wipro, which have posted smart gains in recent times, also came under a spell of profit booking. Of the nine stocks in the Sensex that ended in positive territory, prominent gainers included Maruti, Ranbaxy, L&T and ICICI Bank.

Metal shares also fell on fears exports could take a hit due to a possible slowdown in demand from China. Late Thursday, China's central bank said it would raise lending and deposit rates by 27 basis points as part of its efforts to rein in the economy.

With the Finance Minister announcing that foreign banks can acquire control of domestic private banks over a three-to-four-year period, ICICI Bank was not private sector banking stock to have a party. UTI Bank, IndusInd Bank and Federal Bank also joined the bandwagon and ended the day with gains.

Outside of the Sensex, a few stocks that posted gains were Dishman Pharma, Solvay Pharma, Atlas Copco, Abbott India, Praj Industries, Aventis Pharma and Blue Dart Express.

Matrix Labs, National Mineral Development Corporation, Sesa Goa, ABB, i-flex Solutions, Nicholas Piramal, Subex Systems, Vimta Labs, Madras Cements and Sun Pharma were a few key stocks that ended the day with losses.

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