BSE Sensex ends 6-day rally on profit booking; closes down 42 points

Written by PTI | Mumbai | Updated: Apr 3 2014, 23:03pm hrs
NSEThe NSE provisionally fell 0.24 percent after earlier rising as much as 0.36 percent to a lifetime high of 6,776.75. The fall marked the index's first fall in 10 sessions.
The BSE Sensex today fell from record levels and closed down by 42 points due to profit booking at higher levels mainly in banking and oil stocks, ending its six-day gaining spree.

In early trade the 30-share index touched new all-time high of 22,620.65 points, for the ninth day in a row. However, the index could not sustain the momentum and succumbed to profit booking later.

The barometer closed down by 42.42 points, or 0.19 per cent, to 22,509.07 points. It touched a low of 22,369.28 during the day.

The NSE Nifty eased by 16.45 points, or 0.24 per cent, to 6,736.10, after climbing to record high of 6,776.75. It touched a low of 6,696.90 in the day.

Brokers said the market was in over bought position following recent record setting spree and fell on profit selling in banking stocks following a slide in bonds.

They said the falling trend was partially checked as healthcare, FMCG and metal stocks gained on selective buying at the fag-end by retail investors.

In 30-BSE index components, 17 stocks declined led by Reliance Industries, ICICI Bank, Axis Bank, State Bank of India, HDFC Bank, Bajaj Auto, Bharti Airtel and Bharat Heavy Electricals Ltd (BHEL).

Market supporters were Infosys, Cipla, Dr Reddys Laboratories, Hindustan Unilever, Maruti Suzuki India , Sun Pharmaceuticals Industries and Sesa Sterlite Ltd.

The public sector undertaking sector inex suffered the most by losing 1.33 per cent to 6,362.30 followed by banking index by 1.09 per cent to 14,375.92. Oil and gas index lost 0.87 per cent to 9,641,86 and capital goods index by 0.83 per cent to 12,013.60.

Indian Stock market

(Reuters) - The benchmark BSE Sensex and broader NSE Nifty fell on Thursday after touching their ninth consecutive record high as state-run banks such as State Bank of India (SBI) slumped on concerns about losses on their debt portfolios as domestic bonds extended a slide this week.

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The benchmark 10-year bond yield rose to as high as 8.9952 percent, the highest level since Dec. 6 on concerns about tight cash conditions and the resumption of hefty debt auctions by the government.

The NSE fell 0.24 percent after earlier rising as much as 0.36 percent to a lifetime high of 6,776.75. The fall marked the NSE Nifty first fall in 10 sessions.

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The BSE Sensex fell 0.22 after earlier rising as much as 0.31 percent to a record high of 22,620.65.

State Bank of India provisionally fell 2.1 percent, Punjab National Bank 2.5 percent and Bank of Baroda 3.1 percent.