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Wednesday, Jan 12, 2005

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Sensex slides 85

Our Bureau

Mumbai , Jan. 11

SHARE prices continued to slide for the second day this week with investors booking profits across the board. The Sensex shed another 85.67 points and slipped below the crucial 6,250-level and closed at 6,222.87. The Nifty also slipped below the technical support of 1,950, but clawed back marginally to close at 1952.05.

Fresh concerns about corporate earnings arose with MphasiS BFL posting poor returns. The markets are strung up awaiting IT majors Wipro and Infosys to announce their results, to take cues about the sector, said an analyst.

The market breadth was not encouraging with 1,837 scrips declining, as against 554 advancing in the BSE. The NSE registered only 102 advances and 705 declines.

Volumes were on the high side on Tuesday with the NSE registering 44.20 lakh shares traded, for a total value of Rs 4,775.33 crore.

The foreign institutional investor (FII) inflows continue to be a concern. The FIIs were net sellers to the tune of Rs 32 crore on Monday.

Pharmaceutical stocks slumped today on expectations that pharma companies will have a higher tax burden. This is following the Government's notification asking pharma companies to pay excise on the maximum retail price of drugs.

Despite the considerable slide in the markets over the last few days, analysts are viewing this as a good correction.

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Sensex slides 85
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