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Thursday, Oct 05, 2006

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Sensex sheds 162 on selling pressure, profit booking

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Asian markets also close lower

Mumbai , Oct. 4

Despite positive growth numbers and a sharp slide in crude prices, the BSE Sensex dipped 162.38 points or 1.31 per cent to close at 12,204.01 on Wednesday. TheNSE's S&P CNX Nifty ended the day at 3,515.35, down 54.25 points or 1.52 per cent.

According to dealers, the Sensex came under selling pressure and profit booking, forcing it to trace lows for the second consecutive day.

Sectoral indices down

All BSE sectoral indices ended the day negative. BSE CD (Consumer Durables) dropped 49.43 points to close at 3,077.59; the PSU index traded low at 5,744.15 points, down 1.5 per cent; the IT index fell 60.42 points to close at 4,299.39.

The market opened on a positive note with the Sensex gaining 54 points to touch an intra-day high of 12,420 points. It then drifted into the red.

Trading volumes were "decent" at Rs 34,862.99 crore.

Gainers, losers

Bajaj Auto, up 1.85 per cent to close at Rs 3,087.25, and Tata Motors, up 1.22 per cent to end the day at Rs 880.25, were among the top gainers. Top losers included HDFC Bank, down 3.08 per cent to close at Rs 892.45, and BHEL, down by 2.86 per cent to close at Rs 2,301.60. "The market appears to be a bit overbought at this stage. However, the current slump is plain market correction and consolidation. In fact, investors are waiting for companies to come out with Q2 results for re-investing," said a market analyst.

Many Asian markets also closed lower on Wednesday after North Korea threatened a nuclear test, eroding early confidence.

This resulted in bourses in Seoul, Taipei and Tokyo closing low. The Nikkei-225 index lost 159.54 points or 0.98 per cent to 16,082.55. The Kospi index closed 22.22 points down at 1,352. The Hang Seng Index closed 22.68 points up at 17,629.21.

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