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Sensex down around 100 points, profit-taking weighs
May 14, 2014 / 5:43 AM / 4 years ago

Sensex down around 100 points, profit-taking weighs

Reuters Market Eye - The BSE Sensex is down around 0.4 percent, while the Nifty is down 0.2 percent on profit-taking after hitting record highs on Tuesday on exit polls that showed the Bharatiya Janata Party and its allies winning a majority in the elections.

An image of Lakshmi, the Hindu goddess of wealth and prosperity, is placed between monitors displaying share price index at a share trading market in Chandigarh August 29, 2013. REUTERS/Ajay Verma/Files

The Nifty has gained more than 20 percent since Sept. 13 when Narendra Modi was named as BJP’s prime ministerial candidate.

Oil and Natural Gas Corp Ltd (ONGC.NS) falls 0.9 percent, while Maruti Suzuki India Ltd (MRTI.NS) is down 1.2 percent.

Shares also showing signs of being technically overbought as the Nifty trades above all short and long-term price averages, Bollinger bands and their relative strength index is above 75 level.

Reporting by Aabhishek Vishnoi

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