Profit-booking cuts 3-day rally, Sensex down 28 points

Mumbai, Mar 4 (PTI) Snapping the three-day rally, the
benchmark Sensex of Bombay Stock Exchange (BSE) Thursday
closed lower by 28 points with investors booking profit at
existing higher levels, mainly in IT stocks, amid weak global
cues.

Resuming higher after regaining the crucial 17,000-level
Wednesday, the 30-share index of the Bombay Stock Exchange
traded in medium range before closing at 16,971.70 points, a
fall of 28.31 points or 0.17 per cent from last close.
The key index had gained a mammoth 745.81 points or 4.59
per cent in past three days.
Reatly shares bucked the profit-booking trend and the
sectoral index ended up by a hefty 2.50 per cent, led by
country's biggest real estate company DLF Ltd, which rose by
over two per cent.
"The real estate index was in the green as many of the
realty companies has said that the service tax levy on the
real estate sector will not dampen the mood of the market,"
said CNI Research Chairman Kishor Ostwal.
Brokers, however, said markets would be cautious ahead of
follow-on issue of NMDC which opens on March 10. Investors are
keeping fingers crossed on NMDC share sale as divestment in
two other PSUs-- NTPC and REC-- were not exactly blockbusters.
They said markets could not come out of profit-booking
mode as food inflation also rose marginally to 17.87 per cent
for the week ended February 20.
Investors fear the latest hike in petrol and diesel rates
fuel inflation further, prompting the Reserve Bank of India to
increase lending rates. Marketmen said higher rates could
impact corporate and consumer confidence. (MORE) PTI RSU
MRD


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