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Tuesday November 24, 11:40 AM
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BSE Sensex edges lower; Reliance, ICICI down
MUMBAI (Reuters) – The BSE Sensex (^BSESN : 16034.56 -7.62
) was down 0.2 percent on Tuesday as traders took profits in stocks such as ICICI Bank (ICICIBANK.NS : 808.4 -4) and Reliance Industries (RELIANCE.NS : 990.35 -2.9) after the market had rallied more than 8 percent this month.
"Some consolidation is required now," said Ajay Parmar, head of institutional equities at Emkay Global.
"Valuations are looking expensive, but at the same time the inflow of local money as well as international money is very strong," he said.
By 10:51 a.m. (0521 GMT), the 30-share BSE index was trading down 0.22 percent at 17,143.13, with two-thirds of its components declining.
The benchmark has jumped 78 percent in 2009, boosted by foreign portfolio inflows of more than $15 billion.
In the broader market, gainers outpaced losers in a ratio of 1.5:1 on volume of 93 million shares.
Reliance slipped 0.6 percent to 2,182.80 rupees, after the energy giant rose 3.3 percent on Monday following its offer to buy a controlling interest in U.S.-based bankrupt petrochemicals company LyondellBasell.
Private-sector bank ICICI was down 1.1 percent at 906.45 rupees after it had risen 3.5 percent over two sessions.
Hindalco Industries (HINDALC0.NS : 142 0) shed nearly a percent to 132.50 rupees after sources said the aluminium maker raised $600 million through sale of shares. It had opened a share sale on Monday at 130.90 rupees each.
Leading utility vehicle maker Mahindra & Mahindra climbed 2.7 percent to 1,070 rupees, after the head of its defence systems unit said it would bid for domestic defence projects worth $3.5 billion over the next seven years.
The 50-share NSE (^NSEI : 4781.3 -11.35) index was down 0.1 percent at 5,096.70.
STOCKS ON THE MOVE
* Truck maker Swaraj Mazda was up 6.3 percent at 282 rupees after the Economic Times reported Tata Motors (TATAMOTORS.BO : 680.5 +6.9
) was in talks to buy private equity firm Actis's stake in the company.
* Cable television firm Den Networks was down 16.3 percent at 163.30 rupees on its market debut. The shares opened at 194 rupees, below its issue price of 195 and slid to as low as 158.40.
MAIN TOP 3 BY VOLUME
* Mahindra Satyam (SATYAM.BO : 98.65 +1.1) on 3.1 million shares
* Den Networks on 2.6 million shares
* Unitech on 2.3 million shares
(Reporting by Ami Shah; Editing by Ranjit Gangadharan)
(For more news on Reuters Money visit http://www.reutersmoney.in)
