Sensex retreats 101 points from 7-week high on profit booking

The benchmark Sensex had its biggest fall in almost two weeks today, dropping 101 points, on profit booking triggered by a fall in most overseas markets after US stocks ended lower.
TCS and ICICI Bank were the biggest drag on the index. Tata Steel and Sesa Sterlite were the top losers as 22 Sensex shares declined.
Ten of the 12 BSE sectoral indices fell, led by metal and realty stocks.
The S&P BSE Sensex touched a high of 21,154.76 in early trade, after which it moved lower through the day. The index ended at 21,032.88, a fall of 101.33 points or 0.48 per cent.

It was the biggest drop for the Sensex since a loss of 252.15 points on January 2.
The CNX Nifty on the National Stock Exchange declined 30.90 points, or 0.49 per cent, to 6,241.85.

"Metals and mining sector reeled under selling pressure. Tata Steel has seen profit booking over the last few days," said Milan Bavishi, Head - Research at Inventure Growth and Securities. "Jindal Steel and NMDC too saw a drop of about 2 per cent each."
The Sensex had gained 421 points in the previous two sessions. Yesterday, the Sensex surged about 376 points to a seven-week high amid expectations inflation will moderate.

Retail inflation slowed to a three month low of 9.87 per cent in December, the government said after the markets closed yesterday.
Foreign institutional investors bought shares worth a net Rs 413.85 crore yesterday, according to provisional data from the stock exchanges.
Brokers said a weak trend in Asia and a lower opening in Europe following overnight losses in the US market triggered selling in the domestic market.