Sensex Snaps Four-Day Rally, Falls 109 Points

NDTV Profit Desk

11 Jun 2014, 04:50 PM IST

Sensex Snaps Four-Day Rally, Falls 109 Points

The BSE Sensex and Nifty snapped a four-day winning streak after hitting all-time highs for the fourth session on Wednesday as investors booked profits in recent outperformers such as infrastructure and capital goods stocks.

Mixed cues from regional markets also weighed on sentiment, while gains in some of the underperformers such as Infosys capped the losses.

However, overseas investors, who were supporting the 21 per cent gain in the Nifty so far this year, continued to buy shares worth $115.20 million on Tuesday, provisional exchange data showed.

"There was some profit-booking and it was expected. In the near-term, I think the market would trade range-bound with a positive bias," said Suresh Parmar, head of institutional equities at KJMC Capital Markets.

"There could be stock-specific movements like that we saw in Infosys today. However, the undercurrent is still firm," he added.

The BSE Sensex ended 0.43 per cent lower at 25,473.89. Earlier, it gained as much as 0.59 per cent to a record high of 25,735.87, surpassing the previous high of 25,711.11 hit on Tuesday.

The Nifty closed 0.39 per cent lower at 7,626.85. It rose as much as 0.57 per cent to an all-time high of 7,700.05, surpassing its previous peak of 7,683.20.

Shares in Coal India Ltd ended 3.83 per cent lower after gaining 13.4 per cent so far this month till Tuesday, while Hindalco Industries Ltd closed 4.2 per cent lower after gaining 14.7 per cent during the same period.

Shares in Bharat Heavy Electricals Ltd ended 3.4 per cent lower after gaining 41.8 per cent since May. 1 till Tuesday.

Power producers also lost some ground. Tata Power Co Ltd closed 4.9 per cent lower, while NTPC Ltd ended down 3.3 per cent.

Real estate stocks continued to fall, with the BSE realty index declining 4.2 per cent. Shares of DLF Ltd fell 5.3 per cent, while Unitech Ltd declined 7.2 per cent.

Shares in India's L&T Finance Holdings Ltd slumped 5.01 per cent after the company set a floor price at a discount of 9.7 per cent to its Tuesday's close.

However, stocks such as technology and healthcare continued to gain.

Shares in Infosys Ltd gained 3.8 per cent in value-buying. The stock has fallen 6.03 per cent after the announcement of the general election results on May 16, as against a 7.5 per cent rally in the Nifty.

The BSE IT index gained 2.23 per cent. Tata Consultancy Services closed 2.3 per cent higher, while Wipro Ltd closed up 0.5 per cent.