Sensex dips 145 points on profit-booking
The benchmark BSE Sensex falls as funds and retail investors book profits in heavy-weight stocks, influenced by weak trends in other Asian markets.business Updated: May 24, 2007 17:16 IST
The benchmark BSE Sensex fell 145 points on Thursday as funds and retail investors booked profits in heavy-weight stocks, influenced by weak trends in other Asian markets.
The BSE-30 share Sensex, which had lost 90.46 points on Wednesday, fell 145.15 points, or 1.01 per cent at 14,218.11 at the close of trading on Thursday. Earlier, it touched the day's high of 14,389.66 and a low of 14,174.05.
Similarly, the wide-based index NSE Nifty fell 41.30, or 0.97 per cent, to 4,204.90 points. The index moved between 4,250.85 and 4,189.05 in intra-day trading.
Market observers said the reported remarks of former US Federal Reserve chairman Alan Greenspan warning of a possible "dramatic contraction" in Chinese share prices triggered a sell-off in heavy-weight stocks on domestic bourses.
They said selling by retail investors at higher levels to raise funds for the forthcoming big IPOs from several companies including real estate major DLF, also negatively impacted trading sentiments.
The draggers were oil and gas, metals and banking sector stocks.
The stocks of Reliance Industries Ltd, the country's most valuable company, fell by Rs 30.35, or 1.7 per cent to Rs 1,725.40 while ONGC, the country's largest oil producer, dropped by Rs 9.85, or 1.1 per cent to Rs 902.80. The two stocks account for about 18 per cent of the Sensex's weight.