Sensex pares early gains, falls over 193 points
The BSE benchmark Sensex pared gains for the second consecutive day, losing over 193 points, with the outcome of the LS elections casting a shadow on trading sentiment.business Updated: May 11, 2009 17:54 IST
After a bright start, the Bombay Stock Exchange benchmark Sensex on Monday pared gains for the second consecutive day, losing over 193 points, with the outcome of the Lok Sabha elections casting a shadow on trading sentiment.
The Sensex, which opened higher by 1.3 per cent, wiped off the day's gains to end lower by 193.44 points, or 1.63 per cent, at 11,682.99 with all the sectoral indices ending lower.
The key index touched the day's low of 11,621.30 and rose to a high of 12,026.60.
The 50-share National Stock Exchange index Nifty dropped by 66.10 points at 3,554.60, after touching a low of 3,534.55.
In the 30-BSE benchmark, 24 shares quoted lower while six were positive. The precipitate fall in the market was partly checked after shares of leading private lender ICICI Bank and HDFC Bank recorded gains.
Marketmen said the benchmark, which was up about 50 per cent from its 2009 low in early March, rose 1.3 per cent in early deals, but fell as investors were concerned that the poll results might throw up an unstable coalition.
They said despite the widespread caution, some investors who had missed the nine-week rally were trying to make amends by building up long positions.