Sensex snaps 5-day rally on low growth estimates, global cues

Sensex snaps 5-day rally on low growth estimates, global cues

Snapping 5-day rally, the Bombay Stock Exchange benchmark Sensex fell 85 points today on profit booking by funds on low economic growth estimates for this fiscal and a weak trend in global markets.

In highly volatile trade, the BSE 30-share Sensex dropped by 84.86 points, or 0.48 per cent to 17,622.45, after climbing to 17,832.04.

The gauge, which gained over 5 per cent in the last five sessions, fell as Advanced Estimates released today indicated that the country's economic growth in 2011-12 is expected to fall to 6.9 per cent from 8.4 per cent last fiscal.

The GDP growth projection is a tad lower than the 7 per cent forecast made by the Reserve Bank in its quarterly monetary policy review last month.

Besides, a weak trend in the Asian region and lower openings in Europe amid persisting debt crisis in the euro- zone nations, especially Greece, fuelled the downtrend.

The 50-issue National Stock Exchange index Nifty also fell 26.50 points, or 0.49 per cent to 5,335.15, after touching the day's high of 5,413.35.

Capital goods, realty, power and metal stocks lost up to 2.29 per cent on all-round selling.

Bluechips such as Infosys, L&T, BHEL, Bharti Airtel, GAIL, HDFC Ltd, SBI, Hero MotoCorp, M&M, Maruti Suzuki, NTPC, Tata Steel, Tata Power and Hindalco closed the day in the red.

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