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Indian shares end lower after 10 straight weeks of gains (WEEKLY REVIEW)

Mumbai, Oct 7 (IANS) After 10 straight weeks of gains, Indian shares ended lower during the trading session ended Friday with investors nervous over taking fresh position and choosing to book profits ahead of second quarter corporate results.

Saturday, October 7, 2006 | 2:34:05 PM IST (+05:30 GMT)
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Mumbai, Oct 7 (IANS) After 10 straight weeks of gains, Indian shares ended lower during the trading session ended Friday with investors nervous over taking fresh position and choosing to book profits ahead of second quarter corporate results.

The trading during the week under review, when a key Indian representative index of 30 shares managed to come very close to its historic levels, was also marked by heavy volatility, especially on Friday.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed Friday at 12,372.81 points, lower by 81.61 points or 0.66 percent, over the previous week's close at 12,454.42 points. Even at this level, the index was higher by 518.96 points or 4.38 percent over the past month.

Looking ahead, analysts said investors would act on the second quarter results - expected to be announced from next week - even as overall sentiments remained positive because of the robust performance of the Indian economy.

'The current level of price-to-earnings ratio is high. It may come down with the results for the second quarter. But that only goes on to prove that the markets have already factored in the prospects,' an analyst with a brokerage said.

'Also, the given the strong performance in the first quarter, the results aren't expected to match those levels. But prospects do exist for individual stocks, especially in the mid-cap segment,' the analyst added.

Trading during the week under review began on Tuesday - Monday being a holiday on account of Mahatma Gandhi's 137th birth anniversary - with the Sensex ending 88.03 points or 0.71 percent, lower at 12,366.39 points.

This was followed by another drop of 162.38 points or 1.31 percent Wednesday, as foreign funds sold equities worth $63.2 million on that day.

But Thursday saw a reversal, as the key index moved up by 185.40 points or 1.52 percent, making good all the losses during the past two days, only to fall marginally by 16.60 points or 0.13 percent the next day amid high volatility.

The foreign institutional investors (FIIs), which bought net equities worth 277.90 million Tuesday, were net sellers to the tune of $63.20 million Wednesday and $90.10 million Thursday, as per data available with the markets' watchdog.

Among the Sensex stocks, the top gainers were Hindalco, Reliance Communications, Siemens, Gujarat Ambuja Cements, Reliance, Videsh Sanchar Nigam and Bharat Petroleum.

Hindustan Lever, HDFC, ITC, Wipro, Glaxo and Dabur led the losers.

Copyright : Indo-Asian News Service
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