Sensex tumbles 314 points; weak fourth quarter nos drag

The benchmark BSE Sensex tumbled by 314 points today to close at 27,643.88 on fresh selling pressure due to widespread profit-booking after recent gains amid lower-than-expected earnings numbers from ITC.
Key indices declined after comments from Federal Reserve Chairwoman Janet Yellen indicated that it is on track to raise interest rate this year.
ITC on Friday reported a modest 3.65 per cent increase in standalone net profit at Rs 2,361.18 crore for the fourth quarter ended March 31, owing to muted growth in cigarette business and decline in agri segment revenue.
The 30-share BSE index resumed on a shaky wicket and continued to decline to hit a low of 27,614.32. It finally settled at 27,643.88, down 313.62 points, or 1.12 per cent.

The gauge had gained 148.15 points in the previous session on Friday.
Of the 30-share Sensex pack, 26 ended lower while ONGC, Bharti Airtel, Wipro and M&M advanced.

The 50-issue Nifty slipped below 8,400 level by falling 88.70 points or 1.05 per cent to close at 8,370.25. Intra-day, it shuttled between 8,364.15 and 8,441.95.
Profit-booking ahead of the expiry of May contracts Thursday also affected the market sentiment.
Investors who had been accumulating stocks in the past few sessions on hopes of a rate cut by the Reserve Bank were seen trimming positions after earnings numbers from some blue-chips failed to meet expectations.

Meanwhile, Foreign portfolio investors bought shares worth Rs 211.42 crore on last Friday, while Domestic institutional investors bought shares worth Rs 237.62 crore as per provisional data released by the stock exchanges.
In the overseas, Asian stock markets were higher as key indices in Japan, China, Singapore and Taiwan ended up by 0.07 to 3.35 per cent. While those in Hong Kong and South Korea were shut for a holiday.