Stock market gains lost ground in afternoon trade

Mumbai, Feb 6 (UNI) The BSE Sensex gained lost ground in afternoon trade amidst volatile trading, after the benchmark index striked a fresh all-time high earlier in the morning trade, dealers said.

The 30-share Bombay Stock Exchange (BSE) Sensex, which was up by about 28 points around noon (14,554), suddenly slipped below the 14,500 mark and touched a low of 14,468, but managed to recover when fresh buying resumed towards afternoon, dealers said.

The benchmark index of the BSE is currently trading at 14,520/49 points, up by 4.59 points from the previous close.

However, the S&P CNX Nifty index at the National Stock Exchange (NSE) was still down by 6.10 points at 4,209.25 points from the previous close (1400 hrs) The BSE witnessed a total turnover amounted to Rs 3,711 crore til this afternoon, largely boosted by three huge block deals of 23.14 lakh shares each in TCS, at an average Rs 1,299.26 per share in opening trade. The counter was the top-traded on BSE with a turnover of Rs 911.73 crore. The TCS stock was down 0.20 per cent to Rs 1,300 on total volumes of 70.17 lakh shares.

The market-breadth was positive. For 1,534 shares advancing on BSE, 1,017 declined. Just 54 scrips remained unchanged.

Yeserday's star performer Reliance Communications (RCL) was the top loser, down 4.20 per cent to Rs 493.50, on a volume of 17.22 lakh shares.

The finance sector represented by banks came under selling pressure today with HDFC registering a decline by 1.39 per cent to Rs 1792, ITC moving down 1.16 per cent to Rs 175.30), and Hero Honda declining 1.07 per cent to Rs 722.30.

REL was the top gainer, up 3.11 per cent to Rs 565.55, on 2.57 lakh shares, Ranbaxy was up 1.63 per cent to Rs 421.15, HLL up 1.54 per cent to Rs 211 and Grasim up 1.51 per cent to Rs 2,831.50 were chief gainers.

ICICI Bank advanced 2.45 per cent to Rs 970, on 1.33 lakh shares.

Index heavyweight Reliance Industries (RIL) gained marginally by 0.10 per cent to Rs 1,389.50 on a volume of 2.15 lakh shares. It had recovered from a low of Rs 1,382.

Overseas, the US stocks ended mixed on Monday, with losses in shares of Microsoft Corporation weighing on technology shares.

The Dow Jones industrial average gained 8.25 points, or 0.07 per cent, to end at 12,661.74, while the Standard&Poor's 500 Index dipped 1.40 points, or 0.10%, to finish at 1,446.99. The Nasdaq Composite Index fell 5.28 points, or 0.21 per cent, to close at 2,470.60.

In Tokyo, te Nikkei advanced 70.97 points to 17,415.77 by the close of the morning session. The broad TOPIX index rose 0.76 per cent to 1,729.26.

UNI