After struggling nearly for a year the BSE Sensex managed to
kiss the sweet 16,000 mark for the first time in 12-months.
Indian markets ended in the red for the first time in three
trading sessions on concerns of valuations contemplating that
the market may have risen too far, too fast After hitting 16k in
the early trades bulls were unable to build on to the start as
traders and investors preferred to book some profits at higher
levels. The Telecom, Power and the Pharma stocks witnessed some offloading even the Mid-Cap and the Small-Cap stocks witnessed selling pressure.Sustained selling in the Realty and Power stocks pulled the Sensex to a low of 15,699, down 303 points from days high. However, late buying’s in Consumer Durables and Auto stocks led
the index to recoup some of its losses and finally settle at 15,830, down 93 points.
The NSE Nifty closed at 4,680, down 30 points. The market breadth was positive -out of 2,790
stocks, 1,476 advanced, while 1,246 declined.
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