A maturing market amid the mayhem
Profit-taking halts 8-day Sensex rally
The Sensex broke a long positive run today and closed below 11,000 as investors booked profits in a market that had gained over 18 percent in the eight-session rally. The benchmark close at 10947, registering a drop of almost 3 percent
The fall was led by heavyweights like Reliance Industries, which slipped 4.8 percent, L&T, which was down 5.3 percent, and ONGC, which fell 4.8 percent.
Shares in Satyam slipped over 5 percent. The Company Law Board today approved the takeover of the firm by Tech Mahindra.
Realty stocks took a beating with the index ending down over 9 percent. Unitech, one of India’s top listed realty firm, ended down 9.7 pct at 43.3 rupees after hitting an intra-day high of 56.15. It was also the top traded counter on BSE.
All sectoral indices, except the FMCG index, closed in the negative.
With general elections kicking off in the country today, do you think political uncertainty will weigh on investor sentiments?