Sensex sheds 28 points on profit booking
After two days of smart rally, the markets took a break today before ending a choppy day that saw the Sensex hitting a new 45-day high of 17,329 but a late hour profit booking dragged the index down 28 points at close.
Brokers attributed the marginal decline, despite a positive opening on the back of firm Asian cues, to large scale profit booking towards the last 30 minutes of the trade, driven primarily by a near flat European opening.
The Bombay Stock Exchange 30-share barometer Sensex, which initially touched more than one-month high of 17,329.68 points, later turned negative before shedding 28.36 points or 0.16 per cent over its previous close to close the day at 17,169.91 points.
The Sensex surged by 294.21 points on Monday, and 272.05 yesterday on strong expansions of the economy in the second quarter. This massive rally was preceded by a 3.3 per cent loss last weekend following the debt crisis of the Dubai government conglomerate Dubai World.
Bonanza Portfolio Assistant Vice President Avinash Gupta said, "the market ended flat after a choppy session in the absence of follow-up buying after two days of rally prevented the market from going up."
Realty and auto counters attracted good buying support while some of the power and FMCG shares registered losses. Tata Motors was the top gainer with a 4.14 per cent jump following yester over six per cent gains.
