Bulls take a break; Sensex tanks 476 pts after 3-week gains | business | Hindustan Times
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Bulls take a break; Sensex tanks 476 pts after 3-week gains

business Updated: May 31, 2014 15:26 IST

The S&P BSE benchmark Sensex snapped a three-week strong winning spree and dropped 476 points due to profit-booking from operators in view of expiry of the futures and options May contract and ahead of the Reserve Bank of India's policy review meet next week.

Market sentiment remained weak as overseas investors were net sellers in the first four sessions of the week.

The Sensex resumed higher at 24,693.89 and once again crossed the 25,000 mark to quote at 25,175.22 on strong initial buying before the swearing-in of Narendra Modi as Prime Minister on Monday.

The 30-share index, however, declined afterwards to 24,163.62 on profit-booking before finishing the week at 24,217.34, showing a loss of 476.01 points, or 1.93% over the previous week's close.

In the last three weeks, the key BSE barometer had gained a whopping 2,289.46 points, or 10.22%.

The NSE 50-share Nifty tumbled by 137.15 points, or 1.86%, to end at 7,229.95. It had gained 672.30 points, or 10.04%, in the previous three weeks, which were dominated by election-related developments.

"Investors preferred to remain on sidelines ahead of GDP data, which came at 4.7% for 2013-14 announced on late Friday (after market hours), and RBI policy review next week," said Jayant Manglik, President-retail distribution, Religare Securities.

Going ahead, RBI's monetary policy on June 3 and the first Budget of the Modi Government shall be major triggers for the market, according to Rakesh Goyal, Senior Vice- President, Bonanza Portfolio.