Sensex gets off record high, dives 222 points
By PTI | Published: 18th May 2017 10:51 AM |
MUMBAI: A back-to-back record-setting run today made stocks do a reality check when the Sensex plunged over 222 points and the Nifty cracked below 9,500 in early session amid dollar outflows and a sluggish trend overseas.
All sectoral indices flashed red, down by up to 1.19 per cent, with realty, consumer durables, bank and auto registering much losses.
The 30-share barometer fell by 222.21 points, or 0.72 per cent, to 30,436.56. The gauge had rallied 470.62 points in the previous three sessions, buoyed by continuous foreign funds inflows and brighter prospects for rains.
Yesterday, the gauge had closed at a fresh lifetime peak of 30,658.77 after climbing to a new intra-day record-high of 30,692.45.
The NSE index Nifty also slipped from record and slumped by 77 points, or 0.80 per cent, to 9,448.75. Yesterday, it closed at an all-time high of 9,525.75 after a new intra-day peak of 9,532.60.
Other than locking in profit by investors, political as well as economic uncertainties stemming from US President Donald Trump's recent executive decisions had their bearing on the market direction.
Asian indices remained weak too, tracking yesterday's heavy sell-off in US markets.
Japan's Nikkei moved down by 1.44 per cent while Hong Kong's Hang Seng fell 0.25 per cent in early trade today. Shanghai Composite shed 0.06 per cent.
The US Dow Jones Industrial Average ended 1.78 per cent lower in yesterday's trade, its biggest single-day slump in eight months.