The Hindu : Business : Sensex drops 75 points on profit taking

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Tuesday, Jun 05, 2007
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Sensex drops 75 points on profit taking

MUMBAI: The Bombay Stock Exchange made a hasty retreat after nearing the 14700-level and ended 75 points lower on Monday as investors turned cautious, anticipating a downward correction. Despite encouraging global advices and strong gross domestic product (GDP) growth in the last fiscal and easing inflation.

The Sensex hit a high of 14683.36 initially. It came under pressure due to heavy profit taking by investors and ended at 14495.77, a net fall of 74.98 points from Friday's close of 14570.75. The S&P CNX Nifty rose to 4362.95 before closing at 4267.05, a net loss of 30 points from Friday's close of 4297.05.

The market was enjoying strong fundamentals with the Indian economy growing 9.4 per cent in 2006-07, inflation falling to 5.06 per cent in the week to May 19 and high liquidity, market players said.

Investors, however, were expected to withdraw funds from the equity markets to subscribe to the forthcoming big IPOs in the current month, they added. IT stocks suffered a sharp setback on selling triggered by appreciating rupee against the dollar. — PTI

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