Sensex ends low at 13,860.52 pts, down by 11 pts

Mumbai, Jan 5: The Sensex today closed at 13,860.52 with a modest loss of 11.19 points on the Bombay Stock Exchange on sustained heavy offloading by Foreign Institutional Investors (FII's) and some local investors.

The Sensex slipped in the red, as selling pressure emerged in late afternoon session of trade, after staying firm in the first half of the day.

It shed 11.19 points to 13,860.52 at the end of the session. It opened on a weak note at 13768.79 on account of weak global markets, slipped to an intra-day low of 13,763.39 as selling continued in early trade. Sensex had hit intra-day high of 13,971.82 in mid-morning trade, as buying interest intensified.

The BSE AUTO and CG Indices also crashed by 85.73 points and 73.31 points respectively and closed at 5595.45 points for AUTO index and for CG index at 9166.82 points, followed by TECK index by 27.53 and touched 3674.79 points. HC index was down by 26.43 points and quoted at 3849.65 poionts, IT index by 26.12 points and quoted at 5343.71 points and FMCG index by 12.17 points and closed at 1874.77 points.

BSE OIL&GAS and BANKEX indices, however, shot up by 81.46 points and 59.40 points respectively and closed at 6338.55 points for OIL&GAS index and for BANKEX index at 7154.27 points, followed by PSU index by 53.21 points and touched 6144.40 points, SML CAP index by 7191.55 points and METAL index by 12.92 points and closed at 8979.85 points.

The S&P CNX Nifty index of NSE also closed low at 3983.40 points with a modest loss of around five points from its last close of 3988.80 before it resumed high at 3990.15 points. It recorded a high at 4011.45 points and a low at 3969.65 points in intra day.

The market breadth was strong on BSE, as buying continued for small-cap and mid-cap stocks. On BSE, 1640 shares advanced as compared to 1007 that declined. 53 remained unchanged.

The total turnover on BSE amounted to Rs 4146 crore as compared to Rs 4532 crore on Thursday. Among the Sensex pack, 18 declined while the rest advanced.

The annual inflation rate was 4.62 per cent during the corresponding week of the previous year.

The Nikkei slid 262.08 points to 17,091.59, its lowest close since December 21, 2006 Asian markets were trading weak. The key benchmark indices in South Korea (down 0.83 per cent), Singapore (up 0.17 per cent), China (down 2.74 per cent), and Taiwan (down 1.25 per cent), edged lower.

US stocks rose on Thursday, driving the Nasdaq up more than one percent, as technology and biotech stocks gained after positive analyst comments and a drop in oil prices below USD 56 a barrel increased optimism about corporate profits.

The Dow Jones industrial average gained 6.17 points, or 0.05 per cent, to end at 12,480.69. The Standard&Poor's 500 Index added 1.74 points, or 0.12 per cent, to finish at 1,418.34.

The Nasdaq Composite Index climbed 30.27 points, or 1.25 per cent, to close at 2,453.43.

US crude oil for February delivery fell USD 2.73, or 4.7 percent, to settle at USD 55.59 a barrel After Q3 results, the market will be eyeing the Union Budget 2007-08. A build up of long positions is likely on expectations of favourable policy announcements in the budget, according to dealers.

Reliance Communications was the top loser, down 3.90 per cent to Rs 447.10 on 14.80 lakh shares. The stock had hit a high of Rs 489 in early trade. Maruti Udyog was down 3.06 per cent to Rs 938 on 3.31 lakh shares. The stock slipped to a low of Rs 930 on reports that the Government may rewrite small car specification for excise duty.

ITC (down 2 per cent to Rs 165.50), Hindalco (down 2.52 per cent to Rs 170.50) and Gujarat Ambuja Cements (down 2.59 per cent to Rs 139) edged lower.

ONGC was the top gainer, up 2.81 per cent to Rs 899.25 on 4.85 lakh shares following reports that it is close to buying up to 33 per cent stake in two Caspian sea blocks offshore of Turkmenistan.

ONGC's overseas investment arm, ONGC Videsh, will soon sign a deal to this effect with the operator, Denmark's Maersk Oil, and German oil and gas firm Wintershall, which is also a major stake holder.

ONGC would pay USD 33.97- USD 45.29 million for a stake in two properties -- blocks 11 and 12.

ICICI Bank advanced 2.21 per cent to Rs 910.10 on 7.53 lakh shares following reports its offshore dollar-denominated debt offering received a strong response. It had hit a high of Rs 918.50.

Index heavyweight Reliance Industries (RIL) advanced by 0.60 per cent to Rs 1288 on 9.36 lakh shares. It moved in a range of Rs 1311.70 and Rs 1278.

Pyramid Saimira Theatre settled at Rs 158.20 on BSE on high volumes of 1.69 crore shares, compared to IPO price of Rs 100. The stock debuted at Rs 135. It hit a high of Rs 163.85 and low of Rs 125. The company had priced its IPO at the higher end of the Rs 88 to Rs 100 price band.

Tanla Solutions finished at upper circuit of Rs 379.80 on BSE, compared to IPO price of Rs 265. The stock debuted at Rs 379.80, which was also its high so far. It hit a low of Rs 365. 32.63 lakh shares changed hands in the counter on BSE. Tanla Solutions had priced its IPO at the upper end of the Rs 230 to Rs 265 price band, brokers said.

UNI