Sensex retreats from records on profit-booking, global trend

The BSE benchmark index Sensex today retreated from record high levels by losing over 188 points due to profit booking in bluechips following disappointing quarterly earnings amid a weak global trend.

The 30-share index had climbed to all-time high of 22,939.31 at the outset. However, later weak quarterly earnings by bluechips fueled profit booking, pulling the barometer down by 188.47 points, or 0.82 per cent, to close at 22,688.07 points.

The wide-based Nifty of the National Stock Exchange hit an intra-day record high of 6,869.85 before ending lower by 58.05 points, or 0.85 per cent to 6,782.75.

Maruti Suzuki, which reported 35 per cent drop in Q4 earnings, declined by 1.35 per cent. ICICI Bank dropped by 2.29 per cent even as the bank posted 9 per cent growth in profits for the last quarter.

Among other major losers, ITC fell the most by 2.76 per cent, RIL by 2.01 per cent and Larsen& Toubro by 1.96 per cent. Hindustan Unilever, NTPC, ONGC and Sun Pharma also declined.

Brokers said market participants indulged in booking profits at existing higher levels driven by disappointing quarter earnings by auto major Maruti Suzuki and Biocon.

They said a weak trend in the Asian region and lower opening in Europe on rising tension between Russia and the US over Ukraine further influenced the trading sentiment.In 30-BSE index components, 21 stocks declined and nine ended higher.

The Oil and Gas sector index suffered the most by losing 2.11 per cent to 9,605.77 followed by FMCG index by 2.02 per cent to 6,837.11. Capital Goods index lost 1.34 per cent to 12,589.52 and Power index by 1.06 per cent to 1,741.18.