Rally fizzles out in late trade; PSU banks slide

[npavan78]

Stocks ended volatile session slightly higher extending gains for the second straight day. Strong global cues triggered a solid rally in first half of the days trading session. However profit booking at higher levels in second half capped gains. Volatility was high towards later part of the day.

As per provisional data released by BSE after trading hours, foreign funds today, 6 August 2008, bought shares worth a net Rs 1815.74 crore. Domestic funds sold shares worth a net Rs 804.36 crore.

Shares of state-run banks slipped. The market breadth turned negative in late trade in contrast to a strong breadth earlier in the day. BSE turnover crossed Rs 7,000 crore mark.

The US Federal Reserve at a meeting held after Indian market hours yesterday, 5 August 2008, held key interest rate at 2%. The Federal Open Market Committee said that inflation has been high but insisted that price rises will eventually moderate. Though it expressed concerns about economic growth and inflation, it ind....