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Sensex undergoes correction
MUMBAI:
Profit-taking at higher levels on Thursday drove the Sensex down by 25.58 points to close at 7119.76 on the Bombay Stock Exchange, as the overbought market adjusted to a downward correction and arrested a sharp four-session rally that took it to life-time peak.
Select pivotals, led by software counters, energy shares and key banks succumbed to profit selling even as the general market trend displayed a mixed bag with a slight downward bias.
The recent bull rampage came to a grinding halt, as wary operators took profits at current lucrative levels but sentiment remained positive due to the strong economic fundamentals.
Despite firm global oil prices at nearly $59 a barrel, the outlook was favourable, encouraged by growth in domestic demand and select scrips consistently providing high returns, analysts said.
In the earlier four session steep climb to all time high, the benchmark had gained a steep 244.93 points, as bulls seemed to be unstoppable. — PTI
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