Market Update: Sensex logs 1st drop in 8 days on profit-booking, falls 230 points

Logging its first drop in eight days, the benchmark Bombay Stock Exchange (BSE) Sensex on Friday slipped by 230.86 points to end at 29,231.41 led by profit-booking in bluechips, including RIL.

Traders said the market was in an over-bought position following huge positions built up on optimism over the forthcoming Budget and hopes of faster reforms.

With the BSE Sensex rising by a hefty 1,234.85 points in past seven days, some money was taken off the table, they added.

Losses in other Sensex counters like Tata Power, ICICI Bank, Bharti Airtel, Infosys, Wipro, HDFC and Maruti Suzuki also weighed on market sentiments.

Overall, 23 shares fell. Shares of Reliance Industries (RIL) on Friday witnessed selling pressure, falling over three per cent, after Delhi Police yesterday had detained a RIL staffer in connection with alleged official document theft in the oil ministry.

The BSE Sensex opened lower at 29,446.21 and dropped to the day's low of 29,178.26 and finally settled with a loss of 230.86 points, or 0.78 per cent, at 29,231.41.

Intra-day, the gauge touched a high of 29,462.09 in early trade.

The 50-share NSE Nifty moved down by 61.70 points, or 0.69 per cent, to finish at 8,833.60 after hovering between 8,816.30 and 8,899.95.

Despite Friday's fall, both the key indices Sensex and Nifty posted a gain on weekly basis.

Foreign Portfolio Investors (FPIs) picked up shares worth a net Rs 1,542.70 crore on Thursday, as per provisional data.

Sector-wise, the BSE Oil & Gas index suffered the most by losing 1.79 per cent, followed by IT index by 1.24 per cent.

Teck index (1.21 per cent), Metal index (0.51 per cent), Banking index (0.47 per cent), Capital Goods index (0.22 per cent) and Auto index (0.08 per cent) also reported losses.

Globally, Japan's Nikkei ended higher and European markets were little changed as euro-area finance ministers prepared to meet in Brussels to seek agreement on Greece's bailout funding.