Sensex ends 111 pts down on profit booking, global cues

The BSE Sensex snapped three-day winning streak on last session of the truncated week, falling over 0.6% due to profit booking and weak global cues. Index heavyweights ICICI Bank, Reliance Industries, L&T and Bharti Airtel weighed down the market while BHEL and recovery in SBI capped somewhat downside towards the close.

Traders as well as investors may have opt to profit booking due to long weekend that started tomorrow; the market will be shut on Thursday for Mahavir Jayanti and Friday for Good Friday.

Therefore, Sanjay Sinha, Founder of Citrus Advisors believes people would not like to take an exposed position in an uncertain global environment.

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The BSE Sensex benchmark fell 111.40 points or 0.63%, to close at 17,486.02 after rising 538 points in previous three sessions. The NSE benchmark was down 35.60 points to 5,322.90, which rallied 3.5% in last three days.

According to Sinha, the correction in the market is also attributable to the Fed that has ruled out any immediate onset of QE3 and therefore the anticipated liquidity that was supposed to come into the markets from these sources, at this point of time has taken a back seat.