Uncertainties on govt formation reverse Sensex rise

Uncertainties on govt formation reverse Sensex rise

Fresh bouts of selling, after recent heavy buying, by foreign institutional investors (FIIs) also weighed on the market as they were net sellers to the tune of Rs 100.89 crore on May 8, according to provisional data.

The Bombay Stock Exchange 30-share barometer initially touched a high of 12,026.60 but tumbled to a low of 11,621.30 before concluding the day at 11,682.99, a steep fall of 193.44 points or 1.63 per cent from its previous close.

The realty sector index suffered the most, losing 5.19 per cent to 2,233.27, followed by consumer durables, which was down 2.59 per cent to 1,898.01.

The fall in the Sensex was partly checked after the Sensex-heavy private lender ICICI Bank climbed Rs 2.85 to Rs 523.45 on reports of Singapore's Temasek proposing to raise its stake in the bank and if it would trigger the open offer.

The 50-issue Nifty of the National Stock Exchange was down 66.10 points or 1.83 per cent to 3,554.60 from the last close.

Bonanza Portfolio Assistant Vice-President Avinash Gupta said: "The rally in the Indian stock market is continuing for the past nine weeks. It is expected that the market would take a break. The market took a breather today as investors are waiting for the election results."