Profit taking sets in, sensex down nearly 200 points
MUMBAI: After two consecutive sessions of gains that took sensex and nifty to all time record highs, profit taking pulled the markets down in Tuesday’s early trades. Sensex was down 183 points at 25,397 and nifty was down 59 points at 7,595.
In the last three sessions FIIs have net pumped in over $500 million into the Indian market, taking the yearly figure to over $8.5 billion, Sebi and exchange data showed. Together with their buying in the debt segment, total figure for 2014 is above $17 billion. Institutional dealers said with the EU embarking on another monetary stimulus, more FII flow is expected into India.
In early trade on Tuesday, among the top sensex laggards were Hindalco, GAIL and ONGC while the gainers included Bharti Airtel, Maruti and Tata Motors.Stock brokers said sustained buying by foreign funds and other participants, after Narendra Modi-led government promised investor-friendly reforms and measures to revive country’s economic growth, helped the key indices – sensex and nifty – to continue their record-breaking spree.
