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ICICI Bank leads Sensex decline

July 21, 2009

The BSE Sensex ended 0.85 percent down on Tuesday, as investors saw an opportunity to book profits after the market rallied 13.4 percent over the past five sessions.INDIA-STOCKS/6PCT

The 30-share sensitive index swung from an intra-day high of 15,234 to an intra-day low of 14,955 and closed 128 points lower at 15,062.

The fifty-share Nifty ended 0.74 percent down to 4,469.

The fall in the Sensex was led by ICICI Bank, ITC and Infosys.

IT stocks felt some heat after a sharp rally triggered by better-than-expected Q1 June 2009 results by TCS, India’s top software services firm by sales.

The decline in IT stocks was led by TCS which fell 4.5 percent after surging over 15 percent on Monday. Infosys dropped 1.5 percent and Wipro was down 0.46 percent.

On the sectoral front, the BSE IT Index dropped 1.74 percent, followed by the Power Index which ended 1.7 percent lower. However, the BSE Metal Index closed 1.25 percent higher.

Shares in Tata Steel ended 5.2 percent higher while shares in Suzlon ended 3.9 percent lower after they launched global depositary share offers on Monday to raise a combined $702 million.

Do you think profit-taking would continue for the week as markets have rallied 13.4 percent over the past five sessions?

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