Indian shares end flat
Thursday, 4 June 2009
MUMBAI, June 3 (AFP): Indian shares ended flat Wednesday after investors took profits when the benchmark index hit a nine-month-high in intra-day trade, dealers said.
The benchmark 30-share Sensex ended down 4.01 points, or 0.03 per cent, at 14,870.90 after hitting 15,046.43 mid-session, surpassing the key 15,000 level. Share prices rose as much as 1.13 per cent in early trade, as investors bet on the easing of the global financial crisis and reforms announcements from the forthcoming budget.
The Sensex has risen nearly 85 per cent in 12 weeks since early March.
"Investors are keeping a short-term trading view (ahead of the budget), booking profit at new highs," said Bhaskar Kapadia, partner with brokerage Pyramid Securities.
The Congress-led government is set to present its budget in early July and its focus is expected to be on spurring growth even at the risk of a wider fiscal deficit.
Gainers led losers 2,019 to 790 on turnover of 94.15 billion rupees (two billion dollars).
The rupee rose against the dollar to 46.84 from 47.14 but fell against the euro to 66.9 from 66.58.
The rupee, which has risen in recent weeks, had been under pressure for many months as investment funds moved money into areas regarded as safer havens.
India's second-largest software firm Infosys Technologies fell 36.4 rupees or 2.16 per cent to 1,645.9 and the largest bank State Bank of India fell 36.3 rupees or 1.9 per cent to 1,873.2.
Reliance Communications, the country's second-biggest mobile firm, fell 13.55 rupees or 4.24 per cent to 332.9 on profit-taking.
The benchmark 30-share Sensex ended down 4.01 points, or 0.03 per cent, at 14,870.90 after hitting 15,046.43 mid-session, surpassing the key 15,000 level. Share prices rose as much as 1.13 per cent in early trade, as investors bet on the easing of the global financial crisis and reforms announcements from the forthcoming budget.
The Sensex has risen nearly 85 per cent in 12 weeks since early March.
"Investors are keeping a short-term trading view (ahead of the budget), booking profit at new highs," said Bhaskar Kapadia, partner with brokerage Pyramid Securities.
The Congress-led government is set to present its budget in early July and its focus is expected to be on spurring growth even at the risk of a wider fiscal deficit.
Gainers led losers 2,019 to 790 on turnover of 94.15 billion rupees (two billion dollars).
The rupee rose against the dollar to 46.84 from 47.14 but fell against the euro to 66.9 from 66.58.
The rupee, which has risen in recent weeks, had been under pressure for many months as investment funds moved money into areas regarded as safer havens.
India's second-largest software firm Infosys Technologies fell 36.4 rupees or 2.16 per cent to 1,645.9 and the largest bank State Bank of India fell 36.3 rupees or 1.9 per cent to 1,873.2.
Reliance Communications, the country's second-biggest mobile firm, fell 13.55 rupees or 4.24 per cent to 332.9 on profit-taking.