Sensex pares early gains, falls 214 points mid-way
After a bright start, the Bombay Stock Exchange benchmark Sensex shed early gains to trade lower by over 214 points at midsession on Monday, with the outcome of the Lok Sabha elections casting a shadow on trading sentiment.business Updated: May 11, 2009 13:53 IST
After a bright start, the Bombay Stock Exchange benchmark Sensex shed early gains to trade lower by over 214 points at midsession on Monday, with the outcome of the Lok Sabha elections casting a shadow on trading sentiment.
The Sensex, which opened higher by 1.3 per cent, fell 214.22 points or 1.80 per cent at 11,662.21 at 1300 hrs with shares led by the realty, capital goods and power segments recording heavy losses.
The 50-share National Stock Exchange index Nifty dropped by 71.75 points at 3,548.95 at the same time. It had opened the day higher at 2,660.20 points.
While all the sectoral indices remained in negative territory, the banking index was still higher with state-run State Bank of India, which posted a 46 per cent jump in quarterly profit, and private lenders ICICI Bank and HDFC Bank recording handsome gains.
Marketmen said the benchmark, which was up about 50 per cent from its 2009 low in early March, rose as much as 1.3 per cent in early deals, but fell as investors were concerned that the poll results might throw up an unstable coalition.
They said despite the widespread caution till the political outlook becomes clearer, some investors who had missed the nine-week rally were trying to make amends by building up long positions.