Thursday, 17 September 2009

Market takes a breather after 3-day rally; RIL slips 5%

Equities ended on a flat note Thursday after a three-day rally. The Nifty managed to mount the 5000 mark on an intra-day basis for the first time since May 23, 2008. However, it retraced from the psychological level dragged down by losses in the index heavyweight Reliance Industries and overall profit booking. ( Watch )

National Stock Exchange’s Nifty settled at provisional 4948.60, down 0.2 per cent or 9.8 points after the index surged to a high of 5003.05 in trade so far. The intra-day low was 4944.15.

Bombay Stock Exchange’s Sensex ended at 16,669.10, lower by 0.05 per cent or 7.94 points from the previous close. The index touched a high of 16,820.02 and low of 16,636.55 so far.

The broader market ended lower as well. The BSE Midcap Index was down 0.02 per cent and BSE Smallcap Index fell 0.09 per cent.

Declines were led by index heavyweight Reliance Industries which tumbled 5 per cent. Reliance said Petroleum Trust sold 15 million shares in the company at Rs 2,125 each on Thursday, raising about Rs 31.88 billion.

Other losers in the Nifty space were BPCL (-5.07%), Unitech (-3.48%), Tata Steel (-2.08%) and Reliance Capital (-2.19%).

HCL Technologies (5.74%), ACC (3.6%), Hindalco Industries (3.55%), Grasim Industries (23.56%) and Maruti Suzuki (2.43%) were the gainers.

Market breadth on BSE deteriorated with 1606 declines against 1196 advances.

Source: EconomicTimes

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