Sensex snaps five-day winning spree, drops 221 points
Mumbai: The S&P BSE benchmark Sensex snapped its five-day winning spree by tumbling 221 points in the late morning trade on profit-booking from investors mainly in FMCG, consumer durables, power, capital goods, tech and IT stocks on the back of weak Asian cues.
The Sensex resumed lower at 21,134.10 and dropped further to 21,000.45 before quoting at 21,018.03 at 1045 hrs, showing a loss of 221.33 points or 1.04 percent from its last close.
The Sensex had gained by 669.08 points or 3.25 percent in the last five trading days.
The NSE 50-share Nifty also fell by 62.65 points or 0.99 percent to 6,254.70 at 1045 hrs.
Major losers were ITC (2.98 percent), SSLT (2.68 percent), TCS (2.26 percent), BHEL (1.97 percent), Sun Pharma (1.97 percent), Bharti Airtel (1.94 percent), Dr Reddy's Lab (1.81 percent) and SBI (1.70 percent).
Asian stocks fell in their early trade amid speculation that a meeting of China's top party officials this weekend may struggle to meet market expectations for economic reforms in the world's second biggest economy.
Key benchmark indices in China, Japan, Hong Kong, Taiwan, Indonesia, and South Korea shed 0.12 percent to 0.56 percent while Singapore's Straits Times rose 0.36 percent.