Profit booking drags Sensex down by 134 pts

The benchmark BSE Sensex today declined by by 134 points to end at one-week low of 28,666.04 as cautious investors booked profits, particularly in IT stocks, ahead of TCS's announcement of earning numbers later in the day.
The market resumed trading on a firm note on the back of positive Asian trends due to better closing on Wall Street yesterday, but surrendered the gains in the afternoon trade and plunged by over 300 points.
Gradual buying mainly in refinery and some of the key battered stocks helped the market to recover more-than half of losses.
The 30-share BSE index finally settled the day at 28,666.04, a fall of 133.65 points or 0.46 per cent. Yesterday, it was down by 244.75 points or 0.84 per cent.

The last time the key index closed below this level was on April 7 when it settled 2,8516.59 points.
The broader 50-issue of NSE Nifty also gave up early gains and fell below 8,700-mark to a low of 8,645.65.

It, however, rebounded to settle at 8,706.70, a loss of 43.50 points or 0.50 per cent from its previous close.
Jignesh Chaudhary, Head of Research, Veracity Broking Services, said: "Today local equities traded weak and were seen in the profit booking mode for second day in a row. Initially, indices opened higher as investors curbed their short positions doubting the further upside movement in the market. It slipped later and closed in the red."

Foreign portfolio investors bought shares worth Rs 108.00 crore yesterday, as per provisional data.
Of 30 Sensex scrips, 18 ended lower while 12 others finished higher.
Major losers were Hero Motocorp (3.76 pct), Sun Pharma (2.60 pct), Cipla (2.14 pct), Larsen (2.00 pct), Dr Reddy's Lab (1.92 pct), SSLT (1.50 pct), TCS (1.50 pct)
However, ONGC rose by 3.25 pct followed by M&M 1.31 pct and Hindalco 1.25 pct.