Sensex snaps 9-day winning streak; fails to hold 18,500
Sensex had gained over 1,230 points in the previous nine sessions to touch 14-month high on the back of broad-based buying by funds and retail investors.
Mumbai: Snapping a nine-day long rally, the BSE benchmark Sensex on Tuesday fell by over 61 points in early trade as funds and retail investors indulged in profit-booking at prevailing higher levels amid weak trend in Asian markets.
The 30-share index fell by 61.35 points, or 0.30 percent, to 18,480.96 with stocks of metal, auto and banking sectors leading the fall.
Sensex had gained over 1,230 points in the previous nine sessions to touch 14-month high on the back of broad-based buying by funds and retail investors, triggered by the government decisions to accelerate economic reforms by allowing FDI in organised retail and aviation, among others.
Similarly, the wide-based National Stock Exchange index Nifty declined by 23.55 points, or 0.41 percent, to 5,586.45.
Brokers said besides profit-booking by speculators after recent significant gains, a weak trend on Asian bourses mainly influenced the trading sentiment here.
In Asian region, Hong Kong's Hang Seng index fell by 0.17 percent, while Japan's Nikkei Index shed 0.04 percent in the morning trade today.
The US Dow Jones Industrial Average had ended 0.30 per cent lower in yesterday's trade.