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Selling
pressure halts market rally
The
market couldn’t sustained the rally which continued for fifth
consecutive day on Tuesday (January 8) with select technology and
old economy stocks in limelight. The Sensex shed over 10 points
on Wednesday (January 9) amidst selling pressure. The market appeared
shaky on Thursday (January 10) as the Sensex closed the day 18 points
lower over the previous close. The Sensex ultimately closed the
week (on Thursday) at 3381 points 73 points higher over the previous
week close.
Textile counters witnessed a mixed trend. After declining to Rs
296 from Rs 302 in the previous week, market heavy weight Reliance
Industries made a good come back. The stock of the polyester giant
closed the week Rs 32 higher at Rs 328. Domestic textile machinery
major LMW gained Rs 10 to close the week at Rs 735. Zodiac Clothing
was up Rs 6.00 at Rs 42.75. Other gainers included Century Textiles,
Bombay Dyeing, Nahar Spinning, etc, while Arvind Mills, Raymonds,
Siyaram Silk were among the losers.
The Sensex will continue to move in a narrow range till the border
impasse gets over. Moreover, the Budget proposals will also have
their impact on the market.
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