Sensex falls 320 pts on funds selling
The benchmark BSE Sensex on Friday snapped its six-session winning streak and fell 320 points to end below the 14,000 mark on weak cues in Asian markets.business Updated: Apr 27, 2007 17:08 IST
The benchmark BSE Sensex on Friday snapped its six-session winning streak and fell 320 points to end below the 14,000 mark on weak cues in Asian markets and profit booking by foreign funds at higher levels.
The 3-share index, which had been on an upsurge after the RBI announced its annual monetary policy, plunged 320.30 points, or 2.25 per cent, at 13,908.58 after touching the day's low of 13,884.53.
Similarly, the second wide-based index, Nifty, dropped by 94.35 points, or 2.26 per cent, to settle at 4,083.50.
Oil and gas and metal segments were worst performers among key indices, registering a fall of 222.11 and 231.16 points respectively.
Healthcare index was the third biggest loser with a fall of 151.05 points after a few drug firms posted lower-than- expected quarterly earnings.
Cipla, the country's second-biggest drugmaker, plunged more than 14 per cent after it reported a 34 per cent decline in net profit, prompting investment banker Credit Suisse to lower its rating on the stock.
Stock brokers said selling spree accelerated as most of the expectations were already factored in and many blue chip companies have announced fourth quarter earnings.