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Sensex slumps 416 points on profit-booking
BSE closes at 41,528.91; NSE 12,430.50
Mumbai: Market benchmarks tumbled from record highs to close deep in the red on Monday as investors booked profits in index heavyweights Reliance Industries, Kotak Bank, HDFC Bank and TCS following their quarterly results.
After hitting a record intra-day high of 42,273.87, the 30-share BSE Sensex gave up all gains to settle 416.46 points, or 0.99 per cent, lower at 41,528.91.
Likewise, the broader NSE Nifty sank 127.80 points, or 1.03 per cent, to 12,224.55. It hit a record intra-day high of 12,430.50 in early session.
Kotak Mahindra Bank was the biggest laggard in the Sensex pack, dropping 4.70 per cent, after the lender reported a rise in non-performing assets in Q3.
Reliance Industries, HDFC Bank and TCS fell up to 3.08 per cent after the companies reported their quarterly earnings over the weekend.
On the other hand, PowerGrid was the top gainer, rising 3.75 per cent, followed by Bharti Airtel, ITC, Asian Paints, ICICI Bank and L&T. According to traders, domestic investors were seen booking profits at record levels.
"As expected, market has approached a consolidation phase due to mildly subdued Q3 results in banking and heavyweights.
It is fair to expect this mild consolidation to continue in the short-term after the solid performance of the last one-month with fantastic gains in mid & small caps.
"For further direction a lot will depend on the actual budget announcements and broader performance in Q3 result showing gain across the economy," said Vinod Nair, Head of Research, Geojit Financial Services Ltd.
