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Sensex snaps 8-day winning run, dives 222 points on profit booking

Mumbai | Snapping its eight-day winning streak, the BSE benchmark Sensex declined by over 222 points on Friday to end at 38,164.61 as investors booked profits after Fitch Ratings cut India’s growth forecast.

The 30-share index opened on a positive note at 38,452.47, but soon succumbed to heavy selling pressure, touching an intra-day low of 38,089.36. It finally closed at 38,164.61, down by 222.14 points, or 0.58 percent.

On similar lines, the NSE Nifty shed 64.15 points, or 0.56 percent, to finish at 11,456.90. Fitch Ratings Friday cut India’s GDP growth forecast for the next fiscal to 6.8 percent from 7 percent estimated earlier on weaker than expected economic momentum.

Tata Motors was the biggest loser in the Sensex pack, tumbling 2.47 percent, followed by Reliance Industries (2.44 percent), Maruti (1.84 percent), SBI (1.76 percent) and Bajaj Finance (1.23 percent). NTPC emerged as the biggest gainer in the index, spurting 3.67 percent.

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