 "Sensex retreats 101 points from 7-week high; WPI key")
The benchmark Sensex had its biggestfall in almost two weeks today, dropping 101 points, on profitbooking triggered by a fall in most overseas markets after US stocks ended lower.
TCS and ICICI Bank were the biggest drag on the index.Tata Steel and Sesa Sterlite were the top losers as 22 Sensexshares declined.Ten of the 12 BSE sectoral indices fell, led by metal andrealty stocks.The S&P BSE Sensex touched a high of 21,154.76 in earlytrade, after which it moved lower through the day. The index ended at 21,032.88, a fall of 101.33 points or 0.48 per cent.It was the biggest drop for the Sensex since a loss of252.15 points on January 2.
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The CNX Nifty on the National Stock Exchange declined30.90 points, or 0.49 per cent, to 6,241.85.“Metals and mining sector reeled under selling pressure.
Tata Steel has seen profit booking over the last few days,“said Milan Bavishi, Head - Research at Inventure Growth andSecurities. “Jindal Steel and NMDC too saw a drop of about 2percent each.”
The Sensex had gained 421 points in the previous twosessions. Yesterday, the Sensex surged about 376 points to aseven-week high amid expectations inflation will moderate.Retail inflation slowed to a three month low of 9.87 percent in December, the government said after the markets closedyesterday.Foreign institutional investors bought shares worth a netRs 413.85 crore yesterday, according to provisional data fromthe stock exchanges.Brokers said a weak trend in Asia and a lower opening inEurope following overnight losses in the US market triggeredselling in the domestic market.
After retail inflation in December eased to a three-month low on Monday, traders are eyeing December wholesale price inflation, seen at 7 percent and due Wednesday, and considered to be key ahead of the RBI’s rate review on January 28.
Agencies