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Sensex sheds 12 points in dull trade

The market lost ground on Friday in another lacklustre session. After moving in an intra-day range of less than 25 points, the BSE 30-share Sensitive Index (Sensex) settled with a loss of 11.85 points at 3,305.78.

The NSE S & P CNX Nifty Index shed 3.95 points to close at 1,065.80.

Although a solution to the US-64 crisis is expected to come about with the intervention of the ministry of finance, the undertone of the market remained cautious as investors were apprehensive.

While buying interest was seen in select defensive sector stocks, selling pressure continued in New Economy stocks following the fall in Nasdaq on Thursday. Being the last day of the settlement on BSE, selling was seen in cash group shares.

Tech stocks lost ground after the tech-heavy Nasdaq lost ground on Thursday.

While NIIT (down 9.73% to Rs 315.95) came off sharply, Satyam Computer (down 1.28% to Rs 165.35) recovered from its intra-day low of Rs 159.10.

Media major Zee Telefilms (down 5.88% to Rs 99.20) lost ground to sink below Rs 100-mark once again on concerns about the recovery of loans extended to group investment companies. The stock had bounced back smartly on Thursday after a subdued opening. Over 45 lakh Zee shares were traded on BSE.

Tata Steel (down 3.92% to Rs 101.60) also came off following reports of a 4.6% fall in the company's sales for the April-June 2001 quarter.

Cement pivotals L & T (down 3.33% to Rs 207.30), ACC (down 0.96% to Rs 134.50) and Gujarat Ambuja Cements (down 0.11% to Rs 183.60) also lost ground.

Meanwhile, Infosys Technologies (up 4.24% to Rs 3,652.75) gained ground on institutional buying on talks that the company bagged an order from Vodafone of UK.

Dr Reddy's Laboratories (up 3.40% to Rs 1,618.40) also bounced back from an intra-day low of Rs 1,255.

Cigarettes major ITC (up 1.11% to Rs 757.95) also gained ground on institutional buying.

Non-Sensex tech stocks like Aztec Software, Mascot Systems, Aptech, Aftek Infosys, Mastek, VisualSoft, SSI, Polaris Software, Wipro, Trigyn Technologies and PSI Data Systems lost ground.

On the other hand, e-Serve International (up 9.17 to Rs 183.85) gained ground on renewed buying interest.

Hughes Software, Digital Equipment and HCL Technologies also gained ground.

Among telecom stocks, while HFCL (down 8.74% to Rs 68.40) sank deeper into the red, Global Tele-Systems (down 1.04% to Rs 151.70) lost further ground on selling pressure.

Media stocks like Cinevista Communications, Balaji Telefilms, Crest Communications, Mukta Arts and Sri Adhikari Brothers lost ground on speculative unwinding of positions on the last day of the settlement.

Among pharmaceutical stocks, German Remedies (up 3.99% to Rs 432.90) gained ground after the Securities and Exchange Board of India (Sebi) cleared Zydus Cadila's open offer to GRL's shareholders at Rs 650 per share. Cadila has acquired 27.7% in GRL from Asta Medica and Heller AG of Germany.

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