Sensex sheds 190 points on profit booking
The stock market collapsed from the day's high and even ended 190 points lower in volatile trade on heavy profit sales by investors and a slowdown in FII activity.business Updated: Nov 06, 2007 17:12 IST
The stock market on Tuesday collapsed from the day's high and even ended 190 points lower in volatile trade on heavy profit sales by investors and a slowdown in FII activity.
Operators and Foreign Institutional Investors (FIIs) were heavy sellers after the benchmark Sensex touched a high of 19,919.34 in the first half of the session.
Finally, the Bombay Stock Exchange (BSE) barometer ended the day at 19,400.67, a net fall of 190.11 points or 0.97 per cent from Monday's close of 19,590.78.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) also fell by 60.80 points or 1.03 per cent to close at 5,786.50 from previous close of 5,847.30.
Sensing trouble with fresh worries over sub-prime mortgage problems in world markets, retail investors along with FIIs resorted to heavy profit selling at higher levels, market players said.
Asian markets, however, showed a mixed trend. The Shanghai Composite ended 1.74 per cent lower and the Hang Seng was up by 1.71 per cent.
Reliance Comm, SBI, ICICI Bank, L&T, HDFC, Tata Steel, RIL, Bharti Airtel, Grasim, Maruti Udyog, Satyam Computer and Tata Motors registered sharp losses.
Shares of Reliance Energy, however, remained strong throughout and ended with marked gains on indication that the company may emerge as the highest bidder for an estimated Rs 4,000 crore metro line project in the national capital.
Index counters like BHEL, Bajaj Auto, Hindalco, Dr Reddy' Lab, ACC, NTPC and Hind Unilever were other smart gainers.