MUMBAI, Sept 4 (Reuters): The BSE Sensex snapped a nine-day winning streak on Thursday as investors pared positions in blue-chips such as ICICI Bank after a string of record highs earlier in the week, and as caution prevailed ahead of a key European Central Bank (ECB) meeting.
The Sensex gained 3.1 per cent in its biggest rising streak since 11 sessions ending October 3, 2007, compared with a 0.4-per cent rise in MSCI's broadest index to gauge Asian shares ex Japan in the same period.
A month-long march higher for European and Asian stock markets stalled on Thursday on concerns the European Central Bank will do nothing immediate at its meeting later in the day to address a deteriorating economic outlook.
Investors say consolidation is healthy for Indian equities which are in a bullish phase due to bottoming out of domestic economic growth amid various reforms initiated by the Narendra Modi-led government.
"It is a bull market and such falls are healthy. If it dips more I would allocate to good companies quoting at attractive valuations," said G Chokkalingam, founder of Equinomics, a research and fund advisory firm.
The Sensex fell 0.2 per cent, or 54.01 points, to end at 27,085.93 after hitting its fourth consecutive high on Wednesday at 27,225.85.
The broader Nifty lost 0.23 per cent, or 18.65 points, to end at 8,095.95, after marking its third straight all-time high of 8,141.90 in the previous session.
Shares of blue-chip companies led the falls. ICICI Bank fell 0.6 per cent while Tata Consultancy Services ended 0.8 per cent lower.
Reliance Industries lost 0.5 per cent and Tata Motors ended down 1.8 per cent.
DLF Ltd lost 8.4 per cent after local media reported that the Punjab and Haryana High Court on Wednesday cancelled the allotment a 350-acre plot of land the company had acquired from Haryana.
Sensex snaps 9-day winning streak
FE Team | Published: September 05, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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