Indices off record highs: Day after bull run, Sensex slumps 383 points to below 39,000; Nifty sheds 119 points

Mumbai: Benchmark indices took U-turn from record high levels touched during early trade on Tuesday, with the BSE Sensex tripping nearly 383 points and the NSE Nifty shedding over 119 points as investors hurried up to book profits. An intense selling was seen, barring initial hours, across sectors after market participants sensed that exit polls euphoria over Bharatiya Janata Party’s (BJP) likely win in the general election has already been factored in appropriately. After hitting an intra-day record high of 39,571.73, the 30-share index ended 382.87 points, or 0.97 percent, lower at 38,969.80. The gauge hit the day’s low of 38,884.85. [caption id=“attachment_4444277” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] In a similar movement, the broader NSE Nifty plunged 119.15 points, or 1.01 percent, to 11,709.10. Tata Motors was the biggest loser in the Sensex pack, dipping 7.05 percent, a day after the company posted a 49 percent decline in March quarter profit. Maruti, IndusInd Bank, M&M, Bharti Airtel, SBI, PowerGrid, Hero MotoCorp, Tata Steel, ICICI Bank, Infosys, Yes Bank and TCS too fell up to 3.25 percent. On the other hand, RIL, HUL and Bajaj Finance ended in the green, rising up to 1.08 percent. The broader BSE midcap and smallcap indices ended in the red in line with benchmarks, falling up to 0.84 percent. Traders believe that though a profit-booking emerged at higher levels, election rally may continue if the election results come as per exit polls prediction. On Monday, the 30-share index skyrocketed 1,421.90 points, or 3.75 percent, to 39,352.67, and the Nifty soared 421.10 points, or 3.69 percent, to 11,828.25. The rally came after a majority of exit polls forecast another term for Prime Minister Narendra Modi. The results of the seven-phase polls will be announced on 23 May. Meanwhile, the Indian rupee was trading marginally lower at 69.76 against the US dollar. Brent crude, the global benchmark, was trading at 72.01 per barrel, higher by 0.04 percent. Globally, bourses in Asia ended on a mixed note, while those in Europe were trading in the green in their respective early deals.