Sensex slips from peak on profit-booking ahead of IIP data

The benchmark BSE Sensex today retreated from record high by losing over 149 points in early trade as participants booked profits ahead of the industrial output data for February, amid a weak trend in the global markets.

Stocks of realty, banking, metal and capital goods sectors led the fall. The 30-share index, which had touched a new life-time intra-day high of 22,792.49 in yesterday's trade, slipped by 149.30 points, or 0.66%, to 22,566.03. It had rallied nearly 372 points in the past two sessions.

The National Stock Exchange Nifty moved down by 41.00 points, or 0.60%, to 6,755.40.

It breached 6800 level for the first time to touch a new high of 6,819.05 in yesterday's trade. Brokers said besides profit-booking by speculators after the recent rally, a cautious approach adopted by funds ahead of industrial production (IIP) data for February to be released later in the day contributed to the decline.

Besides, a weakening trend in the other Asian markets following overnight losses on the US bourses on concerns about the valuations of high-flying technology companies dampened the trading sentiments here, they said. Among other Asian markets, Hong Kong's Hang Seng was down 0.36% while Japan's Nikkei fell 2.88% in early trade today.

The US Dow Jones Industrial Average ended 1.62% lower in yesterday's trade.