Sensex dips 324 pts over profit-booking

Weak Global Cues Add To Slide In Index

Mumbai: The BSE sensex slid for the second consecutive session and NSE nifty for the third as investors booked profit in frontline stocks while moving on to smalland mid-caps. Market players said most of the frontline stocks look over-valued after the meteoric rise on Monday on UPA's poll wins, and expect further profit taking over the next few sessions. They also warned that the Indian markets are again increasingly aligning with the global markets.
    On Thursday, sensex opened flat and went up marginally but soon profit taking pulled the indices down.
    Towards the end of the session, heavy selling pulled the sensex down to its intraday low at 13,704 and it closed a tad higher from that level, at 13,734, down 324 points on the day.
    On Thursday, a slew of major global markets slid on the back of indications from the US Fed that the world's biggest economy could shrink this year more than the anticipated. The growth warning led to renewed selling with Japan's Nikkie losing nearly 1%, Hang Seng in Hong Kong down 1.5% while most of the European markets were also trading lower.
    The day's trading also reflected increasing investor interest for second rung stocks as they shifted from frontlines. While the sensex ended 2.3% lower and the Midcap Index ended flat, the Smallcap Index ended 2.6% higher.
    Among the group A stocks, more stocks ended lower than gainers with 69 advances to 131 declines.
    Compared to this, among the group B stocks the ratio was tilted heavily in favour of advances: compared to 345 declines, 1,305 stocks ended higher, indicating investor preference for non-frontline stocks. The day's trading added about Rs 6,000 crore to investors' wealth with BSE's market cap at Rs 44.9 lakh crore.
    In Thursday's market, PSU stocks were among the top gainers while those stocks which had gained substantially over the last three sessions witnessed substantial profit taking. Led by ONGC which ended 8.4% higher at 1,075, the PSU index ended 2.8% higher. On the other hand, L&T ended 8.6% lower at 1,243, Maruti closed 6.9% lower at Rs 971 and ICICI Bank ended 5.2% off at Rs 672.
Re up against $
    The Rupee on Thursday improved further by 12 paise to 47.35 against the US currency in morning trade as dollar weakened against other major currencies. The rupee drew support from expectations of heavy capital inflows into India amid optimism about reforms in the financial sector by the new government. AGENCIES

SUBSCRIBE TO Free SMS Alerts on India Stock Markets
OR SEND SMS "ON WAY2TRADE  " TO 9870807070
DisasterAwareness | Health | Insurance |  Forex| Commodities|

Earn decent money by receiving SMSes on your cell phone.  Free Signup!
Indian Coins to traeasure for Life Buy at ebay

Chat ways2invest wilint

Contact Me

Ways2Health Best and Worst Brain Foodsw