Money on the markets
A maturing market amid the mayhem
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.
The stock market was volatile today as profit taking continued for the second day after a two-day post election rally. Weak Asian markets too weighed on investor sentiments.
The Sensex moved mostly in negative territory throughout trade, turning positive briefly after touching an intra-day low of 13,704.43 points and then shifted back to the red. The benchmark closed 324.12 points down at 13,736.54, while the Nifty ended 59.40 points lower at 4,210.90.
The main contributors to the benchmark’s fall were L&T, ICICI Bank, HDFC and Reliance Industries.