Sensex into the red despite firm opening

Mumbai, Apr 24: After opening on a firm note, the Sensex soon slipped into the red as weakness in Asian market and a surge in oil price, to a record high above US dollar 75 a barrel, caused profit-taking, brokers said here this morning.

Metal and FMCG stocks were steady-to-firm. But IT stocks weakened taking cue from the overnight fall in their US counterparts. Cipla turned ex-bonus.

The Sensex was down 8 points, on 12,021. It opened with an upward gap of 33.43 points, at 12,063.73. It struck a high of 12,071.07 before slipping to a low of 11,966.22. The Sensex recovered from a lower level later.

Satyam Computer lost 1.8 per cent to Rs 793, Wipro shed 1.6 per cent to Rs 540, TCS lost 0.6 per cent to Rs 1,981 and Infosys shed 0.8 per cent to Rs 3,267.

Metal shares rose on renewed buying as global copper prices jumped five per cent on Friday. Copper and aluminium major Hindalco gained 1.8 per cent to Rs 215, National Aluminium Company rose 1.9 per cent to Rs 320, Sterlite Industries advanced 2.3 per cent to Rs 2,283, Hindustan Zinc gained 2.5 per cent to Rs 794 and Madras Aluminium gained 3.6 per cent to Rs 509. Steel major Tata Steel rose one oer cent to Rs 662.50, extending its recent solid surge.

Sun TV firmed up to Rs 1,280 after having debuted at Rs 1,111 on BSE, compared to the IPO price of Rs 875.

Ranbaxy lost 1.4 per cent to Rs 496.70 after the company denied reports that it may hive off its Rsearch&Development business in favour of a separate company.

Index heavyweight Reliance Industries gained 0.5 per cent to Rs 979. RIL will unveil its Q4 results on April 27, brokers added.

UNI