Sensex snaps 7-day rally, down 85 pts

After a seven-day rally, domestic equity markets shed some gains today in a volatility-hit session. However, market experts said the correction mode would not last long and maintained a bullish outlook.

The Bombay Stock Exchange benchmark Sensex plunged 0.43 per cent, or 84.62 points, to close at 19,417.49. The index touched a high of 19,636.66 before sliding during the late hours of trading.

Of the 30 Sensex companies, 19 entities closed the day in the red, as metal and information technology (IT) stocks dragged the markets.

CNX Nifty was down 0.55 per cent, or 32.25 points, at 5,828.70. However, before losing out the steam, the index crossed the 5,900-level, but could not sustain it and slid.

Piyush Garg, chief investment officer, ICICI Securities, said, “It was a general correction and had nothing to do with the central bank’s change of policy rates. The markets were certainly overbought and had to shed some gains, which happened today. For the time being, there is no reason to worry.”