Sensex closes down 80 points

Sensex failed to preserve early gains on Wednesday and closed with a loss of 80 points.

The Bombay Stock Exchange benchmark Sensex failed to preserve early gains on Wednesday and closed with a loss of nearly 80 points,the third decline in a row.

The Sensex,which had recorded a gain 138 points at the outset,tumbled to end 80.57 points lower at 10,817.54. The key index touched the day’s high 11,036.24 and a low of 10,715.66.

Similarly,the 50-share National Stock Exchange index Nifty fell 35.00 points at 3,330.30,after rising to 3,401.10 points and dipping to 3,296.90 points.

Seven in the Sensex pack,led by Reliance Industries and ACC,closed higher and averted any major fall. However,the other 23 ended with losses.

Marketmen said the surge in share prices of firms such as Bharti Airtel,Maruti Udyog and DLF Ltd in the past few sessions attracted profit selling by speculators at existing higher levels.

They said trading sentiment remained bearish with the general elections on and the opinion polls showing no clear winner.

ACC Ltd gained 5.26 per cent to Rs 645.75,after the biggest cement maker said first-quarter profit rose 13 per cent,better than market expectations.

Zee Entertainment Q4 net at Rs 96.81 cr

Mumbai

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Media conglomerate Zee Entertainment Enterprises,on Wednesday,said its consolidated net profit stood at Rs 96.81 crore for the fourth quarter ended March 31,2009.

The company had a consolidated net profit of Rs 104.42 crore in the fourth quarter of last financial year,Zee Entertainment Enterprises said in a filing to the stock exchanges.

“Previous years figures in the quarterly results and revenue of education segment are for three quarters hence not comparable,” the company added.

Consolidated total income stood at Rs 577.61 crore in the March quarter of FY’09,while the same was at Rs 569.47 crore in the corresponding quarter a year ago.

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“It has been a very unique year for us and for the industry. On the one hand we witnessed a considerable slowdown in the advertising revenue growth trajectory,particularly during the second half of the fiscal,while on the other we continued to record robust growth in subscription rates.”

“From a 30 per cent plus growth in the advertising revenues in the first half,we saw the growth fade away during the second half of fiscal 2009. Increased competition has also impacted industry margins during the second half of fiscal 2009,” Zee Entertainment Enterprises Chairman Subhash Chandra said.