Sensex ends 119 pts down on profit-taking
Sensex lost 119 points to close at 11,237.23, after touching an intra-day low of 11,008.43.india Updated: Apr 15, 2006 23:39 IST
The Bombay Stock Exchange benchmark index on Thursday declined further sharply by 119 points on profit-taking by foreign funds for the second session in a row.
The BSE's 30-share Sensex lost 119 points to close at 11,237.23, after touching an intra-day low of 11,008.43.
The index, which tanked a huge 307 points in the previous trading session, turned extremely volatile after a promising start at 11,366.91 and later fluctuated in a range of 372 points but managed to restrict the net fall to 118.50 points or 1.04 per cent.
Foreign Institutional Investors (FIIs) were believed to be net sellers to the tune of Rs 808 crore in equity and Rs 2,165 crore in futures during the overnight mayhem on bourses.
FIIs' massive withdrawals during the month induced fears among investors that the fourth quarter earnings may not be up to the market projections, stock brokers said. FIIs have pulled out Rs 849 crore from equity on April 7 and 10 and over Rs 4,000 crore from futures in the first five trading days.
The sell-off was so severe during the day that the market failed to notice any positive development including a strong rally in metal prices on the LME on Wednesday and a bounce back in global markets.
Just a day ahead of the beginning of the earning season with Infosys Technologies announcing its annual results on April 14, the market continued to remain jittery over concerns about massive FII withdrawals.
The downslide was, however, mitigated by a smart rally in RIL, Maruti Udyog, Dr Reddy's Lab, TCS Ltd and Tata Motors.