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Sensex takes a hit

Mumbai, Jan. 14: The benchmark Sensex had its biggest fall in almost two weeks today, dropping 101 points on profit booking triggered by a decline in most overseas markets after US stocks ended lower.

TCS and ICICI Bank were the biggest drag on the index. Tata Steel and Sesa Sterlite were the top losers as 22 Sensex shares declined. Ten of the 12 BSE sectoral indices fell, led by metal and realty.

The Sensex touched a high of 21154.76 in early trade, after which it moved lower throughout the day. The index ended at 21032.88, a fall of 101.33 points, or 0.48 per cent.

It was the biggest drop for the Sensex since a loss of 252.15 points on January 2.

The CNX Nifty of the NSE declined 30.90 points, or 0.49 per cent, to 6241.85.

“Metals and mining sector reeled under selling pressure. Tata Steel has seen profit booking over the last few days,” said Milan Bavishi, head (research) at Inventure Growth and Securities. “Jindal Steel and NMDC, too, saw a drop of about 2 per cent each.”

The Sensex had gained 421 points in the last two days.

Yesterday, the Sensex surged about 376 points to a seven-week high amid expectations that inflation will moderate.

 
 
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