The boom in India

Sensex slightly down on the day. Don't feel the need to bail out tho'.

Taken from the inestimable Infoline site

'Sensex takes rollarcoster ride

There was aggressive profit booking at levels after both the Sensex and Nifty crossed the 5900 and 1900 levels. The Sensex slipped by 5 points to close at 5792 after touching day's high of 5921 and low of 5763. PSU stocks especially GAIL and ONGC were the biggest gainers today on back of reports that the government has approved 10% stake sales in them. GAIL shot up by 8% to close at Rs258 after touching day's high of Rs270 on hefty volumes of 13.4mn shares traded on NSE. Reliance recorded smart gains as the NELP 5 policy is believed would substantially help the company. The scrip surged by Rs28(6%) to close at Rs563 after touching day's high of Rs580. Institutional buying was seen in PSU refinery stocks. However tech, auto, steel and banking stocks witnessed profit booking.

Most of the Sensex stocks witnessed profit booking at higher levels. Steel major - Tisco slipped by Rs10 to close at Rs430 after touching day's high of Rs445. Telco ended in negative territory. The scrip lost Rs3 to close at Rs444. HPCL was seen losing ground in the later part of the session. The scrip lost Rs7 to close at Rs437 after touching day's high of Rs450. Pharma stocks exhibited profit booking. Ranbaxy(down Rs17), Dr Reddy's(down Rs28) and Cipla lost modestly. Cement stocks witnessed profit booking. ACC lost Rs9 to close at Rs243 followed by Grasim and Gujarat Ambuja, which ended the day in negative territory. Others like L&T(down Rs6), ITC, Bajaj Auto, Satyam and ICICI Bank witnessed profit booking. However MTNL and Tata Power gained marginally.

Auto stocks had a weak day today. Bajaj Auto closed in negative territory closing at Rs1145 down 1.52% from the previous close, Hero Honda was down sharply by 2.16% at Rs454.55 while TVS Motors ended with a gain of 1.19% at Rs110. Among the four wheeler stocks Ashok Leyland ended the day almost flat at Rs 279, M&M was down 1% at Rs378 while Tata Motors closed the day at Rs445 down 0.66% from the previous close.

Tech stocks retracted sharply from earlier highs and most of them ended the day in negative territory. Infosys closed almost flat at Rs5518 after touching day's high of Rs 5700, Satyam was down sharply by 1.86% at Rs363.40 while Wipro ended with a marginal gain of 0.36% at Rs1762. Among the other prominent losers of the day were HTMT(2.93%), Hughes(2.46%), I-Flex(2.81%) and Visualsoft(4%).

Steel stocks saw profit booking at higher levels. Tisco ended down 2.15% at Rs430, Essar Guj was down 6.52% at Rs25 while Jindal steel ended the day at Rs604 a jump of over 9% from previous close.

Pharma stocks ended with modest to heavy losses. Dr.Reddy's was down 1% at Rs1445, Ranbaxy labs was up 0.18% at Rs1091 while IPCA Lab was down 1.17% and closed at Rs623.55. Pfizer(0.46%), Emerck(4.60%) and Glaxo(1.5%) were among the other losers of the day. '