Sensex snaps three-day winning spree, drops 245 pts

The benchmark BSE index Sensex on Tuesday retreated from record high by losing over 160 points in early trade as cautious investors booked profits in recent outperformers mainly power and PSU sector stocks.

The benchmark S&P BSE Sensex snappedits last three-day winning spree by dropping 245.58 points in the morning trade on profit-booking mainly in refinery, banking, realty and power sectors ahead of the expiry of futures and options contract on coming Thursday.

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Foreign capital outflows also affected the market to some extent. Foreign institutional investors (FIIs) sold shares worth a net Rs 84.13 crore yesterday as per provisional data from the stock exchanges.

Gail India fell by 4.40% even as net profit rose 57.24 per cent to Rs 972.03 crore on 17.56% rise in total income to Rs 14977.89 crore in Q4 March 2014 over Q4 March 2013.

The Sensex resumed higher at 24,748.10 and hovered in a range of 24,777.31 and 24,422.33 before quoting at 24,471.30 at 1100hrs, showing a loss of 245.58 points, or 0.99%, from its last close.

It had gained by 418.86 points or 1.72% in the last three sessions.

The NSE 50-share Nifty also dropped by 58.55 points, or 0.80%, to 7,300.50 at 1100hrs.

Other losers were SSLT 3.38%, ONGC 2.57%, M&M 2.39%, Axis bank 1.75%, BHEL 1.70%, SBI 1.58% and RIL 1.39%.

Asian stocks edged lower in choppy trade in their early trade. Key benchmark indices in China, Singapore, Hong Kong and South Korea were off 0.02 pct to 0.87 pct while indices in and Taiwan and Japan were up 0.14% to 0.87%.