Sensex Drops 120 Points On Profit Booking

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The Sensex continued from where it left on Friday, moving down, as investors now turned to valuations, with one foreign brokerage saying stocks in India were now overvalued at current levels.

The BSE Sensex fell over 115 points and the NSE Nifty broke below the 8,800-mark in early trade today amid weak global cues.

Sensex Drops 120 Points On Profit Booking
The Sensex had lost nearly 104 points on Friday, in later afternoon selling pressure and was down another 123 points in raly trade.

Also, the NSE Nifty was trading lower by 42.10 points, or 0.48 per cent, at 8,789.45.

Brokers said that apart from profit-booking, a weak trend in Asia on lower oil prices and decline on the Wall Street last week kept the domestic bourses here on a sticky wicket.

Shares of ICICI Bank, Adani Ports, Tata Motors, HDFC, ITC, Infosys, NTPC, Asian Paints, Axis Bank, Cipla and SBI saw selling pressure, which dragged down the indices, PTI reported.

Shares in Dilip Buildcon were up after the company bagged an order from the NHAI. The stock was trading with gains of 3 per cent. Shares in Morepen, which jumped sharply on Friday after reports that the company was planning to sell its OTC business to the Ajay Piramal group continued to rally in trade.

Meanwhile, most Asian markets were trading lower, while the rupee opened strong at 66.75 to the US dollar.

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