Sensex retreats from records on profit-booking, global trend
The BSE benchmark index Sensex on Friday retreated from record high levels by losing over 188 points due to profit booking in bluechips following disappointing quarterly earnings amid a weak global trend.business Updated: Apr 25, 2014 17:46 IST
The BSE benchmark index Sensex on Friday retreated from record high levels by losing over 188 points due to profit booking in bluechips following disappointing quarterly earnings amid a weak global trend.
The 30-share index had climbed to all-time high of 22,939.31 at the outset. However, later weak quarterly earnings by bluechips fueled profit booking, pulling the barometer down by 188.47 points, or 0.82%, to close at 22,688.07 points.
The wide-based Nifty of the National Stock Exchange hit an intra-day record high of 6,869.85 before ending lower by 58.05 points, or 0.85% to 6,782.75.
Maruti Suzuki, which reported 35% drop in Q4 earnings, declined by 1.35%. ICICI Bank dropped by 2.29% even as the bank posted 9% growth in profits for the last quarter.
Among other major losers, ITC fell the most by 2.76%, RIL by 2.01% and Larsen& Toubro by 1.96%. Hindustan Unilever, NTPC, ONGC and Sun Pharma also declined.
Brokers said market participants indulged in booking profits at existing higher levels driven by disappointing quarter earnings by auto major Maruti Suzuki and Biocon.
They said a weak trend in the Asian region and lower opening in Europe on rising tension between Russia and the US over Ukraine further influenced the trading sentiment.
In 30-BSE index components, 21 stocks declined and nine ended higher.
The Oil and Gas sector index suffered the most by losing 2.11% to 9,605.77 followed by FMCG index by 2.02% to 6,837.11. Capital Goods index lost 1.34% to 12,589.52 and Power index by 1.06% to 1,741.18.