Updated: September 14, 2009 18:45 IST

Sensex snaps six-day gaining trend; declines by 50 points

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The Bombay Stock Exchange building in Mumbai. File photo
Business Line
The Bombay Stock Exchange building in Mumbai. File photo

Weak global cues on Monday cut short the six-day winning streak of benchmark Sensex, which lost by over 50 points on profit-booking by investors at high levels.

The 30-share index on the Bombay Stock Exchange was trapped in a narrow range of 16,252.18 and 16,119.95 in lacklustre trading before ending the day at 16,214.19, a fall of 50.11 points or 0.31 per cent over its previous close.

The broader 50—share Nifty of the National Stock Exchange also fell by 20.95 points to 4,808.60.

Slew of factors such as revival of monsoon, promising figures of industrial output, sustained buying by foreign funds and strong world markets had pushed up the Sensex by 865.67 points or 5.62 per cent in the last six days to trade above the 16,000-level after more than 15 months.

Brokers said the market had been getting resistance after it touched the crucial 16,000-level last week. They added that investors preferred to book profits at existing high levels as global markets were under selling pressure.

In Asia, barring China, other indices ended in losses in the range of 1.0 per cent and 2.3 per cent. European markets also were trading down between 0.9 and 1.3 per cent while US stocks index futures too indicated subdued opening today.

Among the Sensex pack, metal stocks Sterlite Industries and Hindalco lost 3.55 per cent and 2.46 per cent respectively. Tata Steel, however, firmed up by 2.12 per cent, and Tata Motors 1.97 per cent.

Keywords: sensexcloseinvestors

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