The Sensex on Tuesday ended in negative terrain for the third straight session with a fall of 22 points at 6134.86 on the Bombay Stock Exchange (BSE) after heavy selling cut short an early sharp rally due to lower than expected earning results by TCS.
TCS’s Q4 net fell by 33.6 per cent to Rs 471 crore during the year ended March 31, 2005 from Rs 709.30 crore during the corresponding period of the previous year. In highly volatile trade, prices resumed on a cheerful note and rose further smartly on heavy all-round buying.
However, shares met with fresh selling at the prevailing higher level and not only surrendered most of the early gains, but several counters closed with sharp losses. Selling pressure was so heavy that even firm overseas trend was discounted, a broker said.
The market sentiment was also dampened by TCS’s poor Q4 results as the net fell by 33.6 per cent to Rs 471 crore from Rs 709.30 crore during the corresponding period of the previous year.
The BSE Benchmark 30-share Sensitive Index opened on a better note at 6181.39 as agaisnt Monday’s close of 6156.78 and rose further sharply to an intra-day high of 6269.75.
Later, it nosedived due to emergence of heavy selling and after touching a low of 6121.42, ended at 6134.86, showing a loss of 0.36 per cent over the previous close. TCS nosedived by Rs 110.45 or 8.37 per cent to Rs 1209.75 as against the previous close of Rs 1320.20 Other big losers were Wipro, L&T, Satyam Comp, Hero Honda ITC, RIL, Wipro, Tata Steel, Bajaj Auto and Wipro due to heavy selling.
However, HDFC, HDFC Bank, ONGC, Hindalco, Grasim and Tata Power found good support and closed better.
The broad-based BSE-100 index closed lower at 3310.14 from previous close of 3326.06. The volume of business spurted to Rs 1930.13 crore from Rs 1752.82 crore on Monday. TCS closed with the highest turnover of Rs 185.80 crore followed by Tata Steel (Rs 120.37 crore), Infosys Tech (Rs 85.88 crore), Reliance (Rs 81.09 crore) and SBI (Rs 73.30 crore). The BSE-200 Index and the Dollex-200 were quoted lower at 824.98 and 313.87 at close compared to previous close of 831.63 and 315.90.
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Wednesday, April 20, 2005
