Sensex down over 161 pts in biggest drop in six weeks
Mumbai, Nov 25 (PTI) The benchmark Sensex today erased early gains to end 161.49 points down at 28,338.05 in its biggest single-day drop in nearly six weeks on profit-booking in recent gainers, amid worries over new norms for P-Notes.
The NSE Nifty hit new lifetime high of 8,535.35 but frittered away gains to end over 67 points down at 8,463.10.
The 30-share Sensex, which had gained 466.69 points in the previous three sessions, commenced the session on a strong note and soared to 28,541.22 on sustained buying.
However, the BSE index retreated from almost record highs due to profit-booking and slipped into negative to hit the day’s low of 28,217.50. It closed at 28,338.05, down 161.49 points, or 0.57 percent, in its biggest fall since October 16.
The BSE benchmark index had ended at all-time closing high of 28,499.54 and had also hit intra-day high of 28,541.96 touched in yesterday’s trade.
The NSE Nifty after scaling a new peak of 8,535.35 points at the outset, succumbed to profit-booking, spread over a broad-front. It then touched a low of 8,429.45 before settling 67.05 points, or 0.79 per cent down at 8,463.10. It had surpassed previous record high of 8,534.65, touched yesterday.
Besides, profit-booking in bluechips by participants, sentiments were hit after Sebi yesterday directed foreign investors to ensure compliance with all necessary norms before issuing P-Notes (Participatory Notes), traders said.
Among 30 Sensex components, 15 stocks led by ITC Ltd, Tata Steel, ICICI Bank, NTPC, L&T, Tata Power, Maruti Suzuki, Axis Bank, Hero MotorCorp, SBI, Tata Motors,Bajaj Auto, TCS and Sesa Sterlite ended down while 15 others were up.
Sectorally, the BSE Realty index suffered the most by falling 3.35 per cent, followed by FMCG index (2.53 pc), Power index (1.62 pc), Consumer Durables (1.45 pc), Metal index (1.38 pc) and Banking index (1.33 pc), among others.
Selling also spread to smaller stocks. Small cap index ended 2.32 per cent while Mid-cap index shed 1.43 per cent.
Globally, cues were mixed in Asia and lower opening in Europe also cast their shadows on the sentiments here.
Provisional data released by the stock exchanges showed that Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 407.42 crore yesterday.