Sensex hits new intra-day high of 6,362, closes down

The benchmark Sensex touched yet another peak of 6,361.53 in intra-day trades but declined later on profit-taking. While pharma and banking ...

The benchmark Sensex touched yet another peak of 6,361.53 in intra-day trades but declined later on profit-taking.

While pharma and banking sector stocks rose, weakness was seen in technology and metal stocks.

Moving in an intra-day range of 57 points, the BSE Sensex finally ended with a loss of 5.67 points at 6,322.76. The benchmark index gained 287.73 points, or 4.76 per cent, for the week. For the year 2004, the Sensex has gained 483.80 points, or 8.28 per cent.

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The broader NSE 50-share S & P CNX Nifty index shed 2.80 points to end at 1,996.20, after touching an intra-day high of 2,011.90.

Despite a further fall in international oil prices and sustained foreign fund inflows, the undertone of the market appeared somewhat cautious ahead of the weekend. With the Sensex having risen around 800 points from its recent low of 5,558 on October 26, investors feel that a correction will help the market to consolidate.

The market displayed volatility on Friday as investors churned their portfolios. On the back of strong foreign fund inflows and a further fall in global crude oil prices, Sensex hit its new all-time high of 6,361.53 in afternoon trades. Moving on both sides of the breakeven, the Sensex ended with a small loss.

Tech stocks declined on strengthening of the rupee against the US dollar. The BSE IT Sector index shed 35.35 points to end at 2,571.27. Infosys Tech lost further ground as selling continued. Other tech pivotals Satyam Computer and Wipro continued to trade weak as selling continued on the back of the strengthening rupee, which is trading at its 7-month high.

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HDFC, Zee Telefilms and utility Tata Power Co lost ground on profit booking after recent gains.

Metal stocks declined on profit booking. The BSE Metal index shed 56.12 points, or 1.02 per cent to end at 5,463.39. Metal pivotals Hindalco and Tata Steel eased on profit booking after recent gains.

Steel stocks came off higher levels on Monday after Steel Minister Ram Vilas Paswan said on Thursday a proposed price regulatory authority for the sector was ready and could be commissioned any day through an ordinance if necessary.