Sensex loses 79 pts to snap 4-day rally

Sensex loses 79 pts to snap 4-day rally

Snapping four days of record setting rally on election euphoria, the BSE benchmark Sensex on Wednesday settled 78 points lower at 24,298 on profit-booking amid weak global trends.

The 30-share BSE barometer resumed better but immediately came under pressure and remained in the negative terrain before ending the day at 24,298.02, down by 78.86 points or 0.32 per cent. The NSE Nifty also declined by 22.60 points or 0.31 per cent at 7,252.90.

Fresh capital outflows weighed on the market, brokers said. Foreign institutional investors (FIIs) pulled out Rs 104.53 crore yesterday, as per provisional data available with stock exchanges.

The BSE Sensex and NSE Nifty climbing to life-time high of 25,375.63 and 7,563.50 points on May 16, when results of Lok Sabha elections came. The Sensex had garnered 562 points or 2.36 per cent in four days. Recently favoured capital goods and banking stocks attracted profit-booking, while realty, IT, FMCG and auto shares were in demand.

"Going ahead, RBI’s monetary policy is due on 3rd June, while Narendra Modi shall be sworn in as the next Prime Minister on May 26. The new government is expected to announce necessary reform measures which will further boost India’s economy. Next budget highlights and RBI monetary policy can be major trigger for market direction," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.

Major Sensex losers were SBI (2.61 per cent), BHEL (2.39 per cent), Axis Bank (2.18 per cent), Larsen (2.11 per cent), Bharti Airtel (2.03 per cent), Gail India (1.80 per cent), Sun Pharma (1.73 per cent), Tata Power (1.23 per cent), Maruti Suzuki (1.15 per cent), Hero Motocorp (1.08 per cent) and Dr Reddy's Lab (1.04 per cent). MORE PTI VMP RSU VMP NS 05211653

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