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Noon: Markets extend losses on profit-taking

Noon: Markets extend losses on profit-taking
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First Published: Tue, Jun 02 2009. 12 19 PM IST
Updated: Tue, Jun 02 2009. 12 19 PM IST
Mumbai: Indian shares extended losses in afternoon trade on Tuesday after an 84% rally since early March triggered profit taking.
At 12:20 pm, the 30-share BSE index was trading 123.6 points down at 14,717.03.
The 50-share NSE index was down by 47.30 points at 4,482.60.
“Even though people may be in a profit-booking mood after the big rally, the market is proving to be very resilient,” VK Sharma, head of research at Anagram Stock Broking, said.
“This market is very well poised, and there is still some steam left in this rally. International markets are also looking up.”
The benchmark is up 83% from a 2009 low in early March, riding a global rally and fuelled by about $6 billion of investments from foreign funds.
Hopes India’s re-elected ruling coalition will push pro-market reforms such as assets sales in state firms and relax foreign investment rules in insurance and pensions have boosted investor confidence, traders said.
There has also been brightening signs of a revival in the global economy such as positive manufacturing data from India, the United States, China and Europe.
The Standard & Poor’s 500 Index hit a milestone on Monday, ending above its 200-day moving average for the first time since December 2007, a feat that some analysts took as possibly a harbinger of more gains ahead.
Asian shares were higher after a rally on Wall Street overnight.
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First Published: Tue, Jun 02 2009. 12 19 PM IST
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