A maturing market amid the mayhem
Sensex slips on profit-booking
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?