Market drifts lower on profit taking; rupee rise hits IT stocks
The market slipped today as investors booked profits after a sharp run-up in stocks for five straight sessions. Weak European market also weighed on the sentiments. Caution also prevailed ahead of inflation figures to be announced after the market hours today.
Selling was broad based. However, severity of fall was more on IT sector stocks as the rupee hit its highest in more than two months. Oil & gas stock bucked the weak market trend as crude oil prices slipped further.
BSE Sensex lost 165.27 points or 1.11% at 14,777.01.
S&P CNX Nifty fell 43.25 points or 0.97% at 4433.55.
The market had surged in the last five days. Sensex had risen 2366.48 points or 18.81% in five trading sessions to 14,942.28 on Wednesday, 23 July 2008, from a low of 12,575.80 on 16 July 2008.
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