Profit booking sees markets end sharply lower

Commentary

oi-Sunil

By Sunil Fernandes

Published: Wednesday, February 22, 2012, 15:51 [IST]

Profit booking after a substantial rally in the last few weeks saw the BSE Sensex losing heavy ground with a sharp cut of 283.36 points (provisional) to close at 18145.25 points (provisional).

In line with the BSE, stocks on the NSE too witnessed a decline with the CNX Nifty closing the day at 5505.35, down 101.80 points.

Among the stocks that lost heavily were Reliance Communications, State Bank of India, DLF and Sterlite Industries. State Bank of India dropped more than 8% after shares were sold heavily in the counter on fears of its exposure to King Fisher Airlines. Sterlite Industries lost ground on reports of a merger with Sesa Goa.

Among the few Nifty gainers were Sun Pharma, Infosys, ITC and TCS. Marketmen expect stock prices to exhibit volatility, with a downward bias after weeks of sharp gains.

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