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Market Commentary
Sensex and NIFTY zoom to all time highs, close lower on profit booking
Posted On : 2006-02-01 12:57:51( TIMEZONE : IST )
The BSE Sensex and NSE S&P CNX NIFTY scaled all time highs on Wednesday´s trading and closed lower on profit booking at higher levels. BSE Sensex touched an all-time high of 9993.92 and closed at 9859.26 after touching a low of 9819.32, down by 60.63 points.
S&P CNX NIFTY touched an all-time high of 3011.05 and closed at 2971.55 after touching a low of 2960.9, down by 29.55 points. Out of 50 stocks in NIFTY only 12 were gainers and 38 were losers.
Dr Reddys Laboratories and L&T were the major gainers with both the stocks up by 5.18% and 5.12% respectively. Dr Reddys Laboratories closed at Rs.1179.35 after hitting a high of Rs.1210 and low of Rs.1121. L&T touched an intraday high of Rs.2385 and low of Rs.2180 before closing up at Rs.2283.3
HDFC was a major gainer after the financial institution raised the interest rates by 50 basis points on Tuesday. HDFC spurted by 3.59% to close at Rs.1387.8. Sun Pharma gained 3.78% to close at Rs.722.10.
NALCO and Grasim were the other major gainers with both stocks closing up by 2.77% and 2.32%.
Jet Airways was the major loser with soaring prices of ATF. Jet Airways plunged to a new low of Rs.920 before recovering to close at Rs.935.70. The stock hit an intraday high of 997 and closed down by 6.12%.
Zee Tele was the second major loser in NIFTY with the stock closing down by 5.59% to close at Rs.155.5.
MTNL and SAIL both closed lower by 4.34% and 4.27% respectively. Ranbaxy Laboratories closed down 3.87% at Rs.383.95. Gujarat Ambuja Cement closed down 3.73% at Rs.85.25 and Reliance Energy closed down by 3.64% at Rs.612.85.
IPCL, ICICI Bank, HDFC Bank, Tata Chemicals all lost more than 3% during the day´s trading. PNB, Dabur, HCL Technologies, SCI, GAIL, ABB, Tata Tea, Oriental Bank of Commerce, HINDALCO and Maruti closed lower by more than 2%.
Out of the 30 stocks in BSE, only 9 were gainers and 21 stocks closed lower. L&T was the major gainer in Sensex with the stock closing higher 5.61% at Rs.2288.3. Dr Reddys Laboratories closed higher 5.21% at Rs.1177.95.
The other notable gainers in Sensex were HDFC, Grasim, NTPC.
