Sensex drops 149 pts on profit-booking; IT stocks hit

The BSE benchmark index Sensex today fell further by 149 points on sustained selling by funds in auto and IT stocks, judging the recent rally an overdone.

The 30-share index, which had slipped from record levels by 42 points in the previous sessions, fell further by 149.57 points, or 0.66 per cent, to close at 22,359.50 points.

The broad-based Nifty of the National Stock Exchange fell by 41.75 points, or 0.62 per cent, to 6,694.35.

Brokers said the market was in over-bought position and started rolling back on profit booking at higher levels as investors turned cautious on approaching elections.

The Sensex surged 1,266 points in the March month as foreign institutional investors bought USD 4.27 billion of equtiies and bonds this year. IT stocks were down before the fourth quarter earning session begining with Infosys on April 15.

In 30-BSE index components 25 stocks declined while five ended with gains. Major losers were Infosys, Tata Consultancy Services, Wipro, Reliance Industries, Bajaj Auto, Bharti Airtel, BHEL, GAIL India, HDFC, ICICI Bank, ITC and Larsen and Toubro.

The auto sector index suffered the most by losing 1 per cent to 13,278.87 followed by IT index by 0.95 per cent to 8,878.67. Teck Index by 0.92 to 4,947.38 and power index by 0.83 per cent to 1,723.90.