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Wednesday, Mar 16, 2005

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Sensex down 57 on profit booking

Our Bureau

Mumbai , March 15

AFTER blazing for weeks, bourses have taken a pause with the indices closing in the red for the third consecutive day on Tuesday.

Market participants attribute the slump to profit booking by domestic investors. Rising crude prices and tepid Asian markets also added to the overall pessimism in the market sentiment.

The foreign institutional investors (FIIs) continue to be net buyers in the bourses. Over Rs 693 crore have been infused by the FIIs in the last two days. Brokers say that FIIs are using these dips in the market to enter scrips whose valuations are attractive.

The Sensex shed 57.59 points on Tuesday to close trade at 6752.45. In all, the Sensex has shed 169 points in the last three days of trade. The Nifty lost 17.4 points, and closed 0.81 per cent lower at 2128.95.

Reliance Energy, Bharti Tele, HDFC and Hero Honda were the big losers among the Sensex stocks. Reliance Energy closed lower by 3.02 per cent at Rs 549.35.

The stock of Reliance Industries also was affected by the Finance Minister's announcement in the Rajya Sabha that the Government was looking into the share allocation violations alleged against Reliance Industries.

The stock closed at Rs 570.55, down by Rs 7.90.

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