Sensex drops by another 146 pts on profit-booking

Mumbai: The benchmark sensex dropped for the second day in a row by over 146 points on profit-booking a day ahead of the last day of expiry of December contracts amid weak Asian cues despite firm European markets.

In all 11 out of 13 secotral indices closed with losses while only power and CG finished with gains. Metal, banking, refinery, auto and FMCG counters were at the receiving end.

Selling in sensex heavyweights like ICICI Bank, RIL, Jindal Steel, ITC, SBI, HDFC, M&M, ONGC, Wipro, TCS and HUL mainly weighed on the bellwether index.

The Bombay Stock Exchange 30-share barometer initially touched a high of 15,887.80, but later moved downwards continuously to settle at 15,727.85, a fall of 146.10 points or 0.92 per cent.

The NSE wide-based 50-issue also dropped by 44.70 points or 0.94 per cent to 4,705.80.

Brokers attributed the fall in share values to profit booking by wary operators a day ahead of the last day of derivatives contracts tomorrow.

Metal stocks were the worst performer on concerns over the global economic outlook while Interest rate-sensitive banking stocks also extended their losses on fears of an increase in bad loans in a slowing economy.

Barring, China, most of the Asian markets fell today amid concerns over economic growth in the region. The key benchmark indices in Hong Kong, Singapore, Japan, South Korea and Taiwan ended lower between 0.20 per cent and 0.92 per cent while China closed up by 0.18 per cent.