Sensex falls 190 points on profit booking after poll results

In a volatile trade, the BSE benchmark index Sensex on Tuesday dropped nearly 190 points due to profit booking by investors as poor performance by the ruling party raised concerns over its ability to push reforms to boost the economic growth.

The 30-share index shuttled between a high of 17,691.96 and a low of 17,128.28 during the session. The barometer lost another 189.58 points, or 1.09 per cent to 17,173.29 points. It had lost 274 points in the previous session.

The market lost steam led by metal, power and banking stocks after a clean sweep by the Samajwadi Party in Uttar Pradesh Assembly polls raised concerns over the ability of Congress-led government at the Centre in pushing through reforms to boost flagging economic growth.

The falling stocks received another jolt following a weakening trend in the Asian region and lower opening in Europe after China cut its growth target for this year.

On the similar lines, the broad-based National Stock Exchange index Nifty fell by 57.95, or 1.10 per cent, to 5,222.40, after touching a high of 5,382.05 points.

The most heaviest on the benchmark, Reliance Industries, fell by 2.68 per cent to Rs 776.50 and country's leading aluminium state-run Hindalco dropped by 5.75 per cent to Rs 131.85.

Among other major losers, Sterlite Industries tumbled by 5.44 per cent to Rs 113.85, Tata Steel by 5.40 per cent to Rs 426.20, Tata Power by 4.11 per cent to Rs 108.50 and Jindal Steel by 3.76 per cent to Rs 545.95.

Telecom major Bharti Airtel fell by 3.66 per cent to Rs 335.95, BHEL by 3.23 per cent to Rs 276, Tata Motors by 2.72 per cent to Rs 266 and Larsen and Toubro by 2.44 per cent to Rs 1,236.05.