Monday, May 18, 2009

Sensex Slips As Euphoria Wanes

. Monday, May 18, 2009

By stockOzone team

The euphoria over the UPA victory faded today. After scripting history on Monday, the markets failed to hold on to yesterday’s gains as profit booking surfaced just few minutes after they opened today.

The Sensex was trading at 14,130, down 153 points, while the Nifty slipped to 4,237, down 86 points.

The global cues today had been positive with the Dow Jones industrial average surging 235 points, followed by sharp gains in major Asian markets.

TS Harihar of ICICI Securities said that Indian markets are 'richly valued' at current prices and suggested to cash in on the current market rally.

IT stocks saw a sharp decline in early trade. The IT index on the BSE slumped over 5 per cent. The BSE oil & gas index was also trading 1.8 per cent lower. However, realty, auto and capital goods stocks gained. The BSE realty index was up 5 per cent and the BSE auto index fell 2.5 per cent.

Among the Sensex stocks, Sun Pharma was the biggest gainer, up 8.2 per cent. Maruti, L&T and Grasim Industries were the other major gainers in the pack.

However, Hindalco, shedding 6.7 per cent, was the biggest loser in the pack. Infosys, TCS and Wipro were the other main losers, down over 5 per cent each.

Disclosure: Author does not own any of the stocks discussed here.





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