Sensex down 165 pts, closes at 14,777

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{image-sensex, big_24072008.jpg}Mumbai, Jul 24: Snapping its five-day rally, the Bombay Stock Exchange benchmark Sensex on Thursday, July 24 shed over 165 points on profit selling at metal, capital goods and IT counters.

The 30-share BSE barometer, which commenced the day higher by 188 points, pared the early gains to settle at 14,777.01 points, a loss of 165.27 points from last close. The index touched a high of 15,130.09 and a low of 14,608.05, indicating volatility. The wide-based National Stock Exchange index Nifty also fell by 43.25 points at 4,433.55. It recorded a loss of 153 points during the day as it rose to a high of 4539.45 and a low of 4385.85 points.

According to brokers, Market players were also reducing their holdings ahead of the inflationary data to be announce after the trading-hours.

Metal index suffered the most by falling 374.27 points at 12,696.25 as metal prices in the London Metal Exchange fell on firming dollar. It was followed by capital goods sector index by 220.61 points at 12,119.16.

Banking shares also fell on concerns over more hike in some key interest rates by Reserve Bank in its monetary policy on July 29.

IT sector index dropped by 103.47 points to 3,630.04 as sector's leading stocks fell on concern the rupee's rebound will crimp the value of overseas sales.

Tata Consultancy Services, the country's biggest software exporter, fell Rs 55.75 to Rs 802.75, while Infosys Technologies lost Rs 38.10 to end at Rs 1,565.60.

Earlier in the day, rupee climbed to two month high of Rs 41.92/93 per dollar.

Consumer durable index lost 87.35 points to 3,649.90, Tech index by 76.16 points to 2,986.03, power index by 52.66 points at 2,654.45, FMCG index by 22.75 points at 2,119.09, healthcare index by 9.33 points at 4,183.61.

As the selling pressure spilled over a wide-front, midcap index fell by 35.04 points at 5,580.90 and smallcap index by 16.53 points at 6,796.11.

However, oil and gas index gained 148.81 points at 10,013.40 as sector's heaviest Reliance Industries gained on expectations it may post a 24 per cent increase in its first- quarter profit.

Realty sector index rose by 30.88 points at 5,230.15 and Auto index by 2.98 points at 3,771.16 points.


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