Sensex falls 74 pts

Has the correction finally set in? Dalal Street on Friday snapped a four-session winning streak on Friday as selling pressure emerged in blu...

Has the correction finally set in? Dalal Street on Friday snapped a four-session winning streak on Friday as selling pressure emerged in blue chips after key stock indices touched their new highs on Thursday.

After recording modest gains in early trades, the 30-share Sensitive index (Sensex) ended with a loss of 73.90 points, or 1.15 per cent, at 6,346.48. Yet, the Sensex gained 112.94 points for the week.

The broader 50-share NSE S & P CNX Nifty index also shed 21.10 points to end at 2,012.10, coming off its high of 2,037.70 touched late morning.

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The most-tracked indices BSE Sensex and the NSE S & P CNX Nifty had touched their respective lifetime highs of 6,437 and 2,039.20 in intra-day trades on Thursday. ‘‘Operators and funds realised the market was going up too fast. This correction is good for the market,’’ said a fund manager.

The profit-booking came despite strong foreign fund inflows. FII inflows crossed the $ 8 billion-mark in equities on Thursday. FII inflows into equities in December 2004 have attained a mark of Rs 4,698.40 crore.

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