Sensex slips 370 pts on profit selling

Snapping a three-day rising streak,the Sensex on Tuesday tumbled by over 370 points.

Snapping a three-day rising streak,the Bombay Stock Exchange benchmark Sensex on Tuesday tumbled by over 370 points as funds and general investors sold aggressively blue-chip stocks,principally of realty firms and banks.

The Sensex,which had gained 5.1 per cent in the last three trading sessions,fell by 370.10 points,or 3.25 per cent,to 11,001.75,after touching the day’s low of 10,961.76 points.

The key index has gained 35 per cent since sliding to its lowest in the year on March 9,making India one of the 10 best-performing stock markets in the world.

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Selling pressure increased as major market players squared up pending positions ahead of the expiry of April contracts in derivatives.

A weak trend in global markets,weighed down by renewed concerns about the financial sector and fears about the swine-flu epidemic impacting world trade,dampened sentiment.

Profit-selling was mainly in the stocks of banking,metals and capital goods,which were in the limelight for a long time.

The realty sector index was the major loser as barring Akruti City,all the other 13 index constituents suffered heavy losses.

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