The BSE benchmark index Sensex pared early gains to close down by 48 points due to profit booking in bluechips in a volatile trade, extending losses for the fourth day in a row.
Stock markets had opened on a strong note with the 30-scrip Sensex touching a high of 22,680.46 points in early trade. However, profit booking in late afternoon session in metal, capital goods and banking stocks pulled the index down to a day's low of 22,284.96 points.
The BSE barometer closed with a loss of 48.39 points, or 0.22 % to 22,417.80. The gauge had lost 410 points in the previous three sessions. The broad-based Nifty of the National Stock Exchange lost 18.85 points, or 0.28 % to settle at 6,696.40. During the session, Nifty shuttled between 6,780.15 and 6,656.80.
"Weaker global cues and profit booking at higher levels were main reasons for today’s fall," Rakesh Goyal,Senior Vice President,Bonanza Portfolio Ltd. Investors and foreign funds were booking profits after the market climbed to all-time high on Friday and adopted a cautious approach before the lok sabha election results, brokers said.
A weakening trend in the Asian region and lower opening in Europe as investors weighed the Bank of Japan refrained from expanding stimulus, further influenced the sentiment, they said. In 30-BSE index components, 18 stocks declined while 12 ended with gains.
The major losers were Larsen and Toubro, ICICI Bank, Reliance Industries, Infosys, Coal India, Bajaj Auto, Bharti Airtel, Hindalco, Sesa Sterlite, Sun Pharma, Tata Power, Tata Steel, Tata Consultancy Services and Wipro. The realty sector index suffered the most by losing 5.30 % to 1,396.79 followed by power index by 2.08 % to 1,686.54. Capital goods index fell by 2.03 % to 12,118.32 and Consumer Durable by 2 % to 6,517.26.