Money on the markets
A maturing market amid the mayhem
Sensex slips on profit-booking
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The BSE Sensex came under heavy selling pressure as investors booked profits in a market that has risen 80 percent since early March.
The 30-share sensitive index swung from an intra-day high of 14,668 to an intra-day low of 14,269 and closed 195 points lower at 14,326. The fifty-share Nifty ended 1.8 percent down at 4,235.
The fall in the benchmark was led by Reliance Industries, Bharti Airtel, Tata Power and NTPC.
On the sectoral front, the BSE Oil & Gas Index dropped 3.3 percent, followed by the Power Index which ended 2.4 percent lower. However, the BSE FMCG Index closed 0.49 percent higher.
On the global front, Asian markets rose on Monday while European markets traded weak. Oil was trading below $69 a barrel, pressured by a stronger dollar. A strong dollar can limit the demand for oil and commodities.
FIIs sold net $5.4 million in shares and bought $21.8 million in debt.
Do you think profit-taking will continue this week and drag the Sensex below 14,000?
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Sensex has slipped from high of 15,466 on 10 June to 14,326 on 22 June.It has slipped in 6 out of 9 trading days.
Sensex is getting unnerved by slow progress of monsoon.If monsoon takes a longer to revive,we could be staring at a bear market again.