Sensex retraces after hitting 14-month high above 16,000 Down 0.6 per cent

The BSE benchmark Sensex shed 0.6 per cent on Tuesday, snapping a three-day rise as weak overseas markets encouraged investors to lock in profits after the market had jumped 17.5 percent over the past three weeks.

As per the provisional data released by the stock exchanges, foreign funds today, 4 August 2009, bought stocks worth a net Rs 219.10 crore and domestic funds mopped equities worth Rs 253.29 crore.

Among stock specific activity, Tata Power lost over 4% on profit booking, while ONGC dropped around 4% on fall in crude oil. Tata Motors rose over 2% on healthy July 2009 monthly sales. Hindalco gained over 3% on rise in global metal prices.

Stock markets in Asian region closed mixed, as the overnight sharp surge on Wall Street buoyed up once again and lifted most of the key indices in the region to new multi-month highs in the initial trade. But the gains couldn’t be sustained as investors decided to book some profits on the renewed hopes about the recovery.