Sensex plunges 295 points on profit-booking

PTI Mumbai | Updated on March 12, 2018

The BSE benchmark Sensex today tanked over 295 points to close at 18,211.52, breaking the five-session bull run, with realty and auto stocks leading the fall as investors booked profits amid mixed global markets.

Marketmen said the sentiment was also affected by the widening probe in the 2G spectrum allocation scam, pulling down ADAG firm RCom by nearly 7 per cent.

The Bombay Stock Exchange benchmark Sensex, which rallied by nearly 1,045 points during the five-session bull run, fell sharply by 295.30 points or 1.6 per cent to close at 18,211.52 after touching a low of 18,159.82 largely on fag-end sell-off.

The gauge gained nearly 186 points at one stage to hit a high of 18,690.97 points on the back of sustained surge in realty, banking and oil and gas sector stocks supported by easing inflation.

The wide-based National Stock Exchange index Nifty also lost 87.5 points or1.58 per cent to 5,458.95 after touching the day’s low of 5,441.95.

Marketmen said emergence of profit-taking by funds as well as retail investors after witnessing significant gains mainly dampened the trading sentiment.

Retail investors, who had been extending support to the market in the past few sessions, turned cautious and reduced their portfolio ahead of the monthly expiry next week and the general Budget for the financial year 2011-12.

In the 30-BSE index components, 25 stocks ended with losses while 5 closed higher.

Stocks of RCom tumbled 6.8 per cent to Rs 93.15 on massive selling, triggered by the ongoing CBI probe into the 2G spectrum allocation scam.

The realty sector index suffered the most by falling 4.04 per cent to 2,052.11 followed by the auto sector index by 2.39 per cent to 8,717.71.

The oil and gas index plunged by 2.09 per cent to 9,329.99 and the capital goods sector index by 1.97 per cent to 13,132.51.

The banking index fell by 1.73 per cent to 12,419.72 as the largest lenders State Bank of India and ICICI Bank suffered fresh losses.

With the selling spread over a broad front, the small-cap index closed 2.35 per cent lower at 8,128.91 points, while the mid-cap index shed 1.98 per cent to 6,661.65.

Published on February 18, 2011

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