Market down on profit selling


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The Bombay Stock Exchange benchmark Sensex on Tuesday opened 36 points lower on profit selling in bluechips like TCS and ICICI Bank.

The 30-share index, which had gained 273.22 points in the previous session, fell by 35.91 points to 17,302.26 points.

The wide-based National Stock Exchange index Nifty also shed 9.15 points to 5,188.55 points.

Marketmen said cautious investors were seen booking profit after a recent surge in fundamentally strong stocks.

Software major TCS fell by over 1 per cent, while ICICI Bank was down by nearly 1 per cent in early trade.

In Asia, Japanese Nikkei was trading 0.38 per cent lower while Hong Kong's Hang Seng Index was unchanged in early trading.


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Sensex closes 74 pts up

Recovering from early losses, the Bombay Stock Exchange benchmark Sensex today ended 74 points higher at a fresh six-week high on fag-end buying by funds in bluechips, particularly RCom and Sterlite Industries.

The 30-share index extended gains for the fifth straight session rising by 74.66 points to close at 17,412.83 points. The barometer had opened lower and further fell to an intra-day low of 17,249.46 points due to profit booking.

Anil Ambani group company RCom rose to a four-month high after it decided to demerge its telecom infrastructure unit, Reliance Infratel, to create an independent entity. The stocks surged by 4.27% to Rs 186.65.

Brokers said fresh buying mainly in realty and PSU sectors on the back of disinvestment news coupled with recovery in european markets boosted the market sentiment.

The government today approved disinvestment of 10% each in Coal India Ltd and Hindustan Copper Ltd, as it pushes its agenda to raise Rs 40,000 crore this fiscal through stake sales in PSUs.

The broad-based National Stock Exchange index Nifty closed at 5,222.35 points, showing a gain of 24,65 points.

In 30 BSE index components, 21 stocks closed with gains. The heaviest on the benchmark, Reliance Industries, rose by 0.19% to Rs 1,065.45, Sterlite Industries by 3.41% to Rs 675.35 and DLF Ltd by 2.99% to Rs 272.25. The three carry nearly 19% weightage on the Sensex.

MMTC Ltd, a state-run trading company, by rising 20.86% to Rs 34,476.60, the most since July 2002, after saying it will consider a proposal on June 29 to issue free shares and split its stock.