Sensex ends winning streak as nation goes to polls
Snapping an eight-day long rally, the Bombay Stock Exchange benchmark Sensex on Thursday tumbled by nearly three per cent on profit-booking even as the country went to the first phase of General Elections.business Updated: Apr 16, 2009 18:10 IST
Snapping an eight-day long rally, the Bombay Stock Exchange benchmark Sensex on Thursday tumbled by nearly three per cent on profit-booking even as the country went to the first phase of General Elections.
With blue-chip stocks like the Tata Motors, the Reliance Infra and the Ranbaxy Laboratories recording heavy losses, the bellwether lost 337.33 points to end the day at 10,947.40. The decline comes after more than 1,700-point gain in the past eight trading sessions.
The key-index dipped below the key 11,000-point level with 24 stocks of the 30 share Sensex closing lower. The wide-based National Stock Exchange index Nifty also dropped by 114.65 points at 3,369.50.
Meanwhile, polling was held today for 124 Lok Sabha constituencies across the country amid incidents of violence in some parts.
The major losers were Reliance Industries down 4.88 per cent, Tata Motors 13.50 per cent, Ranbaxy 6.81 per cent, Tata Steel 8.25, Reliance Infra by 9.36 per cent, Reliance Com by 5.48 per cent, Infosys by 2.15 per cent and ICICI Bank by 3.90 per cent.
All the eight pivotal shares carry nearly 33 per cent weightage on the Sensex. Barring fast moving consumer goods, all the sectoral indices closed in negative as the profit selling spread over a wide-front.