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Profit taking pulls Indian equities down before new trading year (WEEKLY REVIEW)

Mumbai, Oct 21 (IANS) Despite rising to an all-time high during the trading week ended Friday, a key Indian market index ended lower due to heavy profit taking by investors, even as analysts predicted volatility in the ensuing sessions.

Saturday, October 21, 2006 | 3:41:50 PM IST (+05:30 GMT)
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Mumbai, Oct 21 (IANS) Despite rising to an all-time high during the trading week ended Friday, a key Indian market index ended lower due to heavy profit taking by investors, even as analysts predicted volatility in the ensuing sessions.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) that hit an all-time intra-day high of 12,994.45 points Tuesday - just a shade below the magical 13,000-point mark - had to end lower at 12,709.40 points Friday.

At that level, it represented a fall of 27.02 points, or 0.21 percent, for the index over the previous week's close at 12,736.42 points. Friday was also the last day for Samavat 2062 as per the Hindu calendar.

But on a positive side, the Sensex - considered a barometer for the performance of Indian equities market - has added 4,640.45 points, or 57.51 percent, over the level of 8,068.95 points as on Oct 21, 2005.

In the past month, the key index has gained 435.13 points, or 3.55 percent.

During the week under review the main reason for the decline was the correction that has followed a gain of 363.61 points, or 2.94 percent, in the index last week and another 191.76-point, or 1.5-percent, increase Monday.

'It was basically a result of consolidation and profit taking before the muhurat (auspicious) trading session on Saturday,' an analyst with an equities research firm said, referring to the special session on the first day of Samavat 2063.

'Looking ahead, since valuations are still at high levels, there is expected to be some volatility in the markets. But that does not mean there will be any dent in sentiments which are positive, given the robust corporate results,' he added.

During the week under review, trading started on a positive note as the Sensex gained 191.76 points, or 1.5 percent, at 12,928.18. Thereafter, the key index registered losses during each of the next four sessions.

Tuesday's loss amounted to 44.35 points, or 0.34 percent - even though the index had hit an all-time intra-day high of 12,994.45 points - followed by another dip of 25.35 points, or 0.2 percent Wednesday.

While Thursday's decline was the steepest for the week at 134.89 points, or 1.05 percent, Friday again saw the barometer index fall slightly by 14.19 points, or 0.11 percent.

Among the various sector-specific indices, the auto index took the maximum fall of 3.41 percent, followed by 1.62 percent for banks and 0.21 percent for oil and gas. The index for capital goods and consumer durables were up 1.22 percent and 3.49 percent, respectively.

Copyright : Indo-Asian News Service
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