Market rally snaps, Sensex dips 256 points

The index, which had gained 1,112 points, or 7.5 per cent in the last seven sessions, plunged by 255.70 points to 15,666.64 points. The 50-stock National Stock Exchange index Nifty lost 70.25 points at 4,662.10 points.
The market witnessed a strong technical correction and even failed to take any positive impact from attractive number of the country’s economic growth announced on Monday afternoon.

The economy grew 6.1 per cent during the first quarter of this fiscal, CSO data showed. Brokers said in addition to profit selling by investors, a weak trend in Asia led by the Chinese stock market mainly pulled down the prices. The Shanghai index dropped 6.74 per cent, Hong Kong’s Hang Seng by 1.86 per cent and Singapore by 1.42 per cent.