India's key share market index finished a tad lower Friday, the last day of the weekly trading session, as investors dumped heavyweight technology shares following a sharp rise in the value of the rupee.
Investors fear the sustained appreciation of the rupee against the US dollar will badly dent the earnings of export-driven industry.
Mirroring the bearish market sentiment, the stock market barometer 30-share Bombay Stock Exchange sensitive index or Sensex closed at 6,451.54, a loss of 5.28 points or 0.08 percent from its previous session's close.
Dealers said the stock market opened for the day on a negative note, tracking the bearish sentiment prevailing on major overseas bourses.
In listless trade, the stock market index kept moving within a tight range for the better part of the session as institutional investors continued to adopt a cautious approach in the absence of any positive buying trigger.
"The market closed in the negative zone today mainly due to selling pressure in heavyweight technology stocks. The rupee appreciation triggered the sell-off on technology counters," said an analyst with a domestic brokerage firm.
"The market is likely to move sideways in the sessions ahead as well in the absence of any positive buying trigger on the horizon. After the end of the corporate earnings season, there aren't any buying triggers," he said.
India's January-March quarterly corporate financial earnings season started in the first week of April and a host of new and old economy companies unveiled their financial report cards in the last few weeks.
Investors closely track financial reports and earnings projections of heavyweight companies and respective industry leaders like Reliance Industries and Infosys Technologies to firm up their investment decisions.
In the technology sector, shares of Infosys Technologies, India's second largest software exporter, lost 1.5 percent to touch Rs.2,030 on large-scale institutional selling pressure. Hyderabad-based Satyam Computer ended 1.6 percent lower at Rs.423.60.
--Indo-Asian News Service
Indo-Australia committed to resolve agri-trade issues
Publish Date : 3/3/2007 7:21:00 AM
The agri-trade has become a very contentious issue in the World Trade Organisation (WTO), but India and Australia have agreed to resolve issues coming in the way of trade in agricultural goods by setting up a mechanism.
RBI to absorb more liquidity to contain inflation
Publish Date : 3/3/2007 7:11:00 AM
In a bid to further contain inflation, Reserve Bank of India today announced a modified market stabilisation scheme (MSS) and liquidity adjustment facility (LAF) to suck out Rs 11,500 crore from the system.
Gold and Silver prices turn distinctly weak
Publish Date : 3/3/2007 7:03:00 AM
Both the precious metals today turned distinctly weak on the bullion market as silver plunged by Rs 570 and gold by Rs 155 on heavy stockists offerings tiggered by sharp fall in the global markets.
Further fall in gold and silver prices
Publish Date : 3/2/2007 7:06:00 AM
Both the precious metals continued to decline on the bullion market here today on sustained offering from stockists in view of fall in the international markets.
Rupee ends marginally up at 44.26/27 a dollar
Publish Date : 3/2/2007 7:03:00 AM
The rupee today ended marginally higher at Rs 44.26/27 a dollar, supported by a smart recovery on equity markets coupled with fresh exporters' dollar sales.
Hyundai domestic sales up 74 pc in Feb
Publish Date : 3/2/2007 7:01:00 AM
Hyundai Motor India today reported a 74 per cent increase in its domestic vehicle sales during February at 15,459 units compared to the same month last year.
Hutchison Telecom files caveat fearing legal move by Essar
Publish Date : 3/2/2007 6:59:00 AM
Hong Kong-based Hutchison Telecom has filed a caveat before the Bombay High Court to ensure that its plea is heard in case Essar moves the court, challenging the the foreign partner's decision to sell stake to Vodafone.
Skoda slashes car prices up to Rs 24,000
Publish Date : 3/2/2007 6:56:00 AM
As car makers Maruti and Hyundai announced a hike in prices, luxury car maker Skoda Auto today slashed prices across all models by up to Rs 24,000 citing reduction in customs duty on imported car parts in the Budget.
Bond prices continue to decline
Publish Date : 3/1/2007 8:30:00 AM
Government bond prices continued to decline on persistent selling while call rates eased in view of ample liqudity in the system.
India should be more conscious of global developments: RBI
Publish Date : 3/1/2007 8:19:00 AM
The Reserve Bank of India today said the steep fall in Indian stock markets was a contagious effect of plunge in overseas bourses and the country should have strong market and regulatory mechanism to avoid disruption in markets.
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