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Sensex drops 438 pts on profit-booking

June 8, 2009

INDIA-BUDGETThe benchmark index slumped 438 points to below 15,000 as investors booked profits after a sharp rally over the past three months.

Weak global cues also dampened sentiments and the Sensex ended 2.9 percent down at 14, 666. The Nifty closed 3.4 percent lower.

Banks such as SBI and ICICI, which fell 6.7 and 3.5 percent respectively, led the fall in the benchmark.

The top Sensex losers included JP Associates, DLF and Tata Steel, all falling over 10 percent.

The realty index took a beating and it ended 10.5 percent lower. Shares in Unitech and Mahindra Lifespace slumped over 13 percent. DLF dropped 10.3 percent.

The Bankex ended 4.4 percent lower.

Dish TV shares plunged over 16 percent on news that its founders had sold 5.8 percent in the company to fund their share of the rights issue.

Investors were in a profit-booking mode today. Do you think it is likely to continue or will the Sensex bounce back?

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