Market gives up early gains, once again ends flat Tuesday, August 17 2004 17:50 Hrs (IST)
Mumbai:
After the initial price rally, the market later turned weak and once again, ended flat today (Aug 17, 2004) on late profit booking by day-traders and retail investors.
The BSE (Bombay stock exchange) Benchmark 30-share Index which had risen to the intra-day high of 5148.53, later turned weak due to selling pressure and ended at 5102.94 as against yesterday's (Aug 16, 2004) close of 5102.37, a net change of 0.57 points or 0.01 per cent.
Initially, the market seemed to be well supported from reports about the government's likely decision to cut customs and excise duties on major petroleum products across-the-board to quell inflationary trends, brokers said.
Brokers also attributed revival of buying support to the market being in oversold zone.
The market witnessed fairly heavy selling pressure from day-traders, retail investors and operators, which availed the opportunity to book profits at the day's higher levels.
Foreign Institutional Investors (FIIs) were believed to have slowed down activity and generally remained sidelined.
The market had been under pressure during last week in the light of soaring crude oil prices and the prevailing high inflation rate coupled with negative activity by institutional investors, mainly FIIs. Cement and steel stocks, however, were in keen demand.
