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Sensex falls 324 points on profit booking

May 26, 2009

MARKETS-SOUTHASIA STOCKS-The Sensex dropped 2.3 percent in trade to close at 13,589 points as investors resorted to profit booking to reap benefits of the surge over the past few weeks.

Weak Asian and European markets also weighed on sentiments.

Losses in heavyweight stocks like ICICI Bank, Reliance Industries and Bharti Airtel dragged the benchmark lower by over 300 points.

After rising over 20 percent on Monday, Ranbaxy Labs shed 8 percent. Bharti Airtel, which has restarted merger talks with MTN, ended 5 percent lower.

All sectoral indices barring the info tech index ended in red. The realty index registered a nearly 4 percent drop as shares in HDIL, Unitech and DLF fell.

Stocks that bucked the trend included Spice Communications (up 30.2 percent) and Dishman Pharma, which gained 20 percent.

Do you think investors would book profits further and take the markets lower? Or will the Sensex bounce back to cross the 14,000 mark?

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