Sensex, Nifty drop after hitting 1-mth highs; snaps 6-day rise

After surging to over 1-month highs, the Sensex today ended with a loss of 46 points and Nifty inched 17 points down in their first drop in seven sessions on profit-selling in bluechips like HDFC, Infosys and Airtel amid weak global cues.
The day began on a positive note with both the benchmark indices crossing key resistance levels. The BSE Sensex hit 28,064.49 and the NSE Nifty strengthened to 8,445.60.
However, profit-booking quickly kicked in amid weak Asian closing and sluggish European trades. IT, Telecom, Metal and Banking shares saw selling while Auto, Consumer Durables and Capital Goods stocks attracted buying interest.

Tech shares like Infosys fell ahead of earnings. Fall in HDFC, TCS, RIL, HDFC Bank, Bharti Airtel, Dr Reddy's Lab, SBI, Hindalco and Sesa Sterlite shares mainly put pressure on the market, traders said.
The BSE 30-share indicator resumed higher and crossed 28K-mark to a high of 28,064.49, up by more-than 175 points. But emergence of profit-booking pulled it down at the fag end to a low of 27,786.85, before ending at 27,842.32 -- logging a net loss of 45.58 points or 0.16 per cent.
In previous six days, the bluechip index had flared up by 679.29 points, or 2.50 per cent.

Similarly, the 50-issue CNX Nifty of the NSE also fell back by 17.05 points, or 0.20 per cent, to close at 8,378.40.
"Equity benchmarks made a positive start on Monday, but as the day progressed, profit taking in IT & banking majors led flat closing in the end. But, negative cues from global front pushed participants on the back foot," said Religare Securities President-retail distribution Jayant Manglik.
Global cues were weak due to volatility in Euro. "Euro fell to its lowest level recorded in almost last 9 years against dollar as markets speculated that ECB will expand its monetary easing program to spur inflation in Euro region," said Bonanza Portfolio Associate Fund Manager Hiren Dhakan.