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Sensex slips after hitting new intra-day peak

Sensex, after hitting a new intra-day peak of 17,391.02 points, fell due to profit selling amid continuing exchange of words between the UPA Govt and CPI-M.
PTI | By HT Correspondent, Mumbai
UPDATED ON OCT 01, 2007 05:05 PM IST

The benchmark Sensex, after hitting a new intra-day peak of 17,391.02 points, fell due to profit selling amid continuing exchange of words between the UPA government and its key ally CPI-M over the nuclear deal.

The Bombay Stock Exchange (BSE) 30-share barometer opened strong at 17,356.99 from last Friday's close of 17,291.10 and touched its high of 17,391.02 before quoting at 17,201.91 at 1030 hrs, a fall of 89.19 points from the previous level.

The broad-based, S&P CNX Nifty of the National Stock Exchange (NSE) also touched a high of 5,053.85 before being quoted at 5,018.25 from the previous close of 5,021.35.

Resurfacing political concerns over the Indo-US nuclear impasse weighed on the market sentiments, brokers said.

Strong remarks have emanated from Left quarters warning the government not to operationalise the deal without taking into consideration the findings of the Left-UPA Committee, which is scheduled to meet in Mumbai on October 5.

Notwithstanding Left's scathing criticism, the UPA has asserted that the outside supporters should be "confident" about government's ability to secure India's national interests. It also claimed that successive governments have resisted external pressures on nuclear issues.

After recovering in the last couple of sessions, IT counters once again bore the brunt of selling following smart surge in the rupee on Monday morning.

Banking counters also attracted fresh profit-booking at higher levels after recent rally.

Foreign institutional investors (FIIs) continued to be net buyers and they gave support to select shares.

Small-cap and mid-cap stocks were in the limelight on some investment buying.

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