Sensex dips 31 pts to 10,595 in a volatile session
Mumbai, Mar 3 (UNI) After a spell of bull-run, the BSE Sensex today dipped by 31 points to close at 10,595 over yesterday's close of 10,626.
The equity markets had a volatile session since morning as the Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened 23 points up at 10,649 and touched a high of 10,690, but then dipped by 133 points to a low of 10,556.
Yesterday, the index had touched a new high of 10,706 points in the intra-day trade before cooling-off.
It was clearly a case of profit booking in the overvalued stocks as foreign fund inflow was still quite strong. The Rs 576 crore inflow on Wednesday reported by market regulator SEBI was a marked improvement from Rs 201 crore inflow on Tuesday.
However, the lower closing of the global markets led by 1.55 per cent or 246 points fall on the Japanese Nikkei might have subdued Sensex's new target of getting even with the Dow Jones index which also closed just above the 11,000 mark, down by 0.25 per cent, at 11,025.
The blue chips that didn't alow Sensex to move up were HDFC, Larsen&Toubro, Hero Honda, ICICI Bank, TCS, ITC Ltd, NTPC, Infosys Technologies, Bajaj Auto and GujaratAmbuja Cements.
The Tata pack fared well on the Sensex as Tata Motors, Tata Power and Tata Steel were among the top ten gainers. Tata Motors continued to surge on excise duty cuts and crossed the Rs 900 mark today gaining by 4.72 per cent at Rs 903.90 and recorded huge weekly gain of 15.46 per cent.
Maruti, another small car major gained by 2.73 per cent at Rs 928.45 thus recording highest weekly gain of 18.71 per cent.
Bharti Tele, Reliance Energy, ACC, Dr Reddy's Lab, BHEL and Reliance Industries were the other top gainers on Sensex.
Meanwhile, the National Stock Exchange S&P CNX Nifty index too closed with a loss of three points at 3,147.35 as against the last close of 3150.70.