<p>The Sensex, which had surged to record levels over 21,000 points in special Muhurat trading on Diwali, fell by 152.58 points to 20,852.38 on concerns that the recent bull-run made the stocks expensive in relation to the outlook for corporate earnings.<br /><br />The broad-based National Stock Exchange index Nifty dropped by 39.25 points to 6,273.20 as heavy-weights stocks in IT, capital goods and banking sector declined.<br /><br />The state-run Coal India, which made a spectacular debut last week, dropped 5.49 per cent to Rs 330.45, as traders locked in gains.<br /><br />Meanwhile, state-owned Power Grid fell nearly 3.58 per cent to 98.35 after the company fixed the price band for its tomorrow's FPO, of up to USD 1.7 billion, at a 12-17 per cent discount to its Friday closing.<br /><br />Brokers said the 30 index-related stocks valued at 20 times earnings after jumping 19 per cent this year, the best performance and most expensive among the world’s leading stock markets.<br /><br />However, a rise in the heaviest-weighted on the Sensex -- Reliance Industries by Rs 5.05 to Rs 1,112, and ACC Ltd, by Rs 26.25 to Rs 1,115.75, averted any major fall. The two carry nearly 18 per cent weightage on the Sensex.<br /><br />In 30-BSE index components, 21 stocks declined while nine closed with gains.<br />The foreign investors remained selective buyers, mostly confined to fundamentally strong stocks. Foreign fund inflows surged 80 per cent to an all-time high on the expectation consumer spending will boost corporate earnings.<br /><br />Non-index Reliance Power surged by Rs 7.05 to Rs 172.10, its steepest climb since October 5 on reports that the company arranged a 5 billion dollar from the Export-Import Bank of the U.S. to renewable energy and gas plants.</p>
<p>The Sensex, which had surged to record levels over 21,000 points in special Muhurat trading on Diwali, fell by 152.58 points to 20,852.38 on concerns that the recent bull-run made the stocks expensive in relation to the outlook for corporate earnings.<br /><br />The broad-based National Stock Exchange index Nifty dropped by 39.25 points to 6,273.20 as heavy-weights stocks in IT, capital goods and banking sector declined.<br /><br />The state-run Coal India, which made a spectacular debut last week, dropped 5.49 per cent to Rs 330.45, as traders locked in gains.<br /><br />Meanwhile, state-owned Power Grid fell nearly 3.58 per cent to 98.35 after the company fixed the price band for its tomorrow's FPO, of up to USD 1.7 billion, at a 12-17 per cent discount to its Friday closing.<br /><br />Brokers said the 30 index-related stocks valued at 20 times earnings after jumping 19 per cent this year, the best performance and most expensive among the world’s leading stock markets.<br /><br />However, a rise in the heaviest-weighted on the Sensex -- Reliance Industries by Rs 5.05 to Rs 1,112, and ACC Ltd, by Rs 26.25 to Rs 1,115.75, averted any major fall. The two carry nearly 18 per cent weightage on the Sensex.<br /><br />In 30-BSE index components, 21 stocks declined while nine closed with gains.<br />The foreign investors remained selective buyers, mostly confined to fundamentally strong stocks. Foreign fund inflows surged 80 per cent to an all-time high on the expectation consumer spending will boost corporate earnings.<br /><br />Non-index Reliance Power surged by Rs 7.05 to Rs 172.10, its steepest climb since October 5 on reports that the company arranged a 5 billion dollar from the Export-Import Bank of the U.S. to renewable energy and gas plants.</p>