Market snaps five-day winning streak, down 90.46 pts
The stock market snapped a five-day gaining streak on Wednesday and ended 90.46 points lower at 14,363.26.business Updated: May 23, 2007 23:41 IST
The stock market snapped a five-day gaining streak on Wednesday and ended 90.46 points lower at 14,363.26 as investors booked profits at existing higher level in the absence of any major trigger amid end of futures contract on May 31.
In volatile trade, the Bombay Stock Exchange (BSE) 30-share sensitive index (Sensex) came under pressure after hitting a high of 14,500.64 and gradually moved downwards to end the day at at 14,363.26 from Tuesday's close of 14,453.72, a net fall of 90.46 points.
The Sensex had risen by about 524 points of 3.6 per cent in the five-day rally since May 16.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) also dipped by 31.90 points or 0.75 per cent to close at 4,246.20 from previous close of 4,278.10.
The market is expected to consolidate before any strong rally as the BSE barometer has neared the all-time intra-trade high of 14,823.88 touched on February 9, dealers said.
Share prices were driven higher by sustained purchases by Foreign Institutional Investors (FIIs) and domestic funds in the past few days and Wednesday's slide was seen as a necessary correction for the market's sound health.
Asian markets exhibited steady to mixed trend during the day, having a sentimental impact on the bourses.
Metal shares, however, were exceptionally firm on fresh buying interest. As a result, the BSE Metal Index strengthened further by 108.25 points or 1.0 per cent to 10,639.40.