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Late selling trims early gains

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MUMBAI: In volatile trading, the Bombay Stock Exchange Sensex on Wednesday moved in a wide range and closed flat at 11723.92, up by 17.07 points over the previous close.

The market displayed a strong trend at the initial stage due to heavy short-covering ahead of the expiry of August contract on Thursday as investors rolled over outstanding positions in the August derivatives contract to September, brokers said.

Firm trends in the global market and fall in world crude oil prices also gave some boost to the market at the outset. However, profit taking at a later stage, pulled down prices and the index lost a large chunk of the initial gains, but managed to close in the positive terrain.

The BSE 30-share index opened firm at 11735.05 against Tuesday's close of 11706.85 and soon rallied to a high of 11756.08 on heavy buying. Later, it plunged to a low of 11643.38, only to recover and close at 11723.92, showing a moderate gain over the previous close.

On the National Stock Exchange, the S&P CNX Nifty improved by 4.65 points to 3430.35. The volume of business was a shade higher at Rs. 2,717.25 crore against Rs. 2,715.14 crore.


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