Sensex drops 171 pts on profit booking, derivatives expiry
The Sensex, which commenced the day higher by 73 points, fell back sharply to end with a loss of 171.56 points at 9,928.35. It touched the day's high of 10,173.34 and a low of 9,894.01 points.business Updated: Dec 22, 2008 16:38 IST
The Bombay Stock Exchange benchmark Sensex fell by more than 171 points today on profit selling, tracking shaky global markets ahead of the expiry of the current month's derivative segment.
The Sensex, which commenced the day higher by 73 points, fell back sharply to end with a loss of 171.56 points at 9,928.35. It touched the day's high of 10,173.34 and a low of 9,894.01 points.
Selling-pressure gathered momentum to book profits at existing higher levels while some market participants squared up their pending positions ahead of the expiry of December's derivatives on Wednesday.
Similarly, the wide-based National Stock Exchange index Nifty fell by 38.20 points at 3,039.30, after touching the day's high of 3,110.45 and a low of 3,027.80 points.
Marketmen said mixed global cues and derivatives expiry kept investors wary while interest rate cuts by some banks continued to save the market from any major fall.
The market suffered major losses after the heavy-weight Reliance Industries, Infosys Technologies and ICICI Bank suffered major losses.
However, some buying in banking and financial company stocks saved the market from any major fall, they added.