Sensex falls after reaching record high |
After recording a record high and breaching the 40,000 mark, BSE`s benchmark indices sensex erased early gains to end 299 points lower on Thursday as investors booked profits after stocks soared to record highs amidst BJP`s strong showing in the Lok Sabha polls. Nifty too crossed the 12,000-level for the first time ever. However, the indices succumbed to profit booking towards the fag-end of the session. The 30-share sensex tumbled 298.82 points, or 0.76 per cent, to close at 38,811.39. Similarly, the broader NSE Nifty settled 80.85 points, or 0.69 per cent, lower at 11,657.05. Riding on a massive Modi wave sweeping through most parts of India, the BJP was set to return to power on Thursday as it led in 298 seats while the Congress trailed far behind with 52 seats, according to trends released by the Election Commission for all 542 seats that went to polls. According to traders, weak cues from other global markets and a depreciating rupee also weighed on investor sentiment. The rupee depreciated 37 paise to 70.04 against the US dollar in afternoon trade.
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