Stocks dip from intra-day highs

MUMBAI OCT. 22. Reeling under late sell-off by local mutual funds, stocks dropped sharply from the intra-day highs and the Sensex ended in the negative territory, extending its losses to straight third session in volatile trading on the Bombay Stock Exchange, today.

However, select old economy heavyweighted counters such as RIL, Tisco, Tata Motors, SBI, ITC, ICICI Bank and Dr. Reddy's Lab recorded sharp gains and considerably mitigated the Sensex's downslide.

The BSE benchmark-30 share index, which rallied smartly to the intra-day high at 4801.70, later fluctuated erratically in a range of about 95 points on alternate bouts of buying and selling, before ending at 4741.20 against yesterday's close of 4755.72, a net fall of 14.52 points. The broad-based BSE-100 index dipped by 26.13 points to 2385.57.

Though hedge funds slowed down their sales after heavy overnight onslaught, they were believed to have booked profits in select key counters. Satyam, HDFC, HLL, HPCL and Infosys were among the prominent losers. Domestic funds including private mutual funds, which have been continued sellers for the past couple of sessions, were seen booking profits at higher levels, market sources said.


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