Sensex drops 73 pts on profit-booking

Benchmark Sensex gave up early gains to end 73 points lower at 35,246.27 today, breaking its three-day winning streak, as investors booked profit in recent gainers.

Investors stayed on the sidelines ahead of assembly elections in Karnataka on Saturday amid concerns over surging global crude oil prices and weakening rupee.

Oil prices continued their move higher after touching multi-year highs overnight as investors digested the news of renewed US sanctions on Iran and its impact on global oil supplies.

Brent crude futures, the international benchmark for oil prices, hit their strongest since November 2014 at USD 77.76 per barrel today.

Unabated capital outflows by foreign funds and disappointing earnings by some companies too added to the weak trend, brokers said.

The 30-share Sensex rose over 128 points in morning trade and shot up to 35,500.76, but quickly lost momentum to hit the day's low of 35,203.85. It finally ended 73.08 points, or 0.21 per cent lower at 35,246.27.

The Sensex had gained 403.97 points in the previous three sessions.

The broader NSE Nifty moved between 10,705 and 10,785.55, before ending 25.15 points, or 0.23 per cent down at 10,716.55.

Meanwhile, on a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 704.03 crore, while domestic institutional investors (DIIs) bought shares worth Rs 664.92 crore yesterday, provisional data showed.