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Market snaps four-day rally
MUMBAI:
The Bombay Stock Exchange snapped a four-day strong rally and the Sensex dropped 95 points from the day's high to close at 10,595.43, as a consolidation after heavy profit selling by operators and retailers countered fresh purchases from institutional investors.
The Sensex had risen by 426 points or 4.18 per cent in the past four pre-budget and post-budget sessions. After an initial rally to the day's high of 10,690, the BSE benchmark 30-share index (Sensex) later met with resistance and dropped sharply in erratic trading and closed at 10,595.43 against Thursday's close of 10,626.78, a net fall of 31.35 points.
Despite fairly good purchases by foreign institutional investors and local mutual funds, operators and retail investors adopted a cautious approach in view of the market's overextended gains and resorted to heavy profit taking in a number of counters, brokers said. — PTI
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