Financial Daily from THE HINDU group of publications
Thursday, Dec 01, 2005
Financial Daily from THE HINDU group of publications Thursday, Dec 01, 2005 |
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Stock Markets Markets - Stock Markets Sensex sheds 142 on profit booking Our Bureau
Mumbai , Nov 30 THE stock markets witnessed high volatility on Wednesday. The benchmark 30-share BSE index hit a new all-time high early in the session at 9,033.99 before falling sharply to end at 8,788.81 points, a drop of 245.18 points from the day's high. The index dropped by 142.35 points (1.59 per cent) from Tuesday's close of 8788.81. Though all the indicators were positive during the session, the shares fell largely due to profit booking at higher level, traders said. "Today's decline was really surprising. All the indicators - economic growth figures, crude prices coming down - were positive. There seems to be operator based index selling coming in," said Mr Jayesh Shroff, fund manager, BoB Asset Management. The 50-share Nifty fell by 1.71 per cent to 2,652.25. The BSE 100 index dropped by 1.40 per cent to 4649.87 (66.07 points), while the broader BSE 500 index fell by 1.14 per cent to 3568.37 (40.98 points) from yesterday's close. The strong economic growth figure for the second quarter at eight per cent on higher services and manufacturing output and lower crude prices failed to sustain the initial bullish trend. "Definitely, there is a lot of profit booking coming in at these levels," said an official of a domestic mutual fund. "There was a correction in October after which the markets have gone up by another 1,000 points. Naturally, there is a tendency to book profits," he said, adding "Over the long-term, the markets continue to be bullish". Foreign investors, who have pumped in more than $8.5 billion this year, including nearly $880 million this month, are also expected to bring in fresh investments in the coming weeks, traders said.
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