Sensex plunges 102 points

Blue chips and mid-cap stocks declined as profit-booking took centrestage after a sharp recent surge in share prices. A number of small and mid-cap stocks declined between 3 per cent and 12 per cent.

Dealers attributed the sharp fall in share prices to lack of fresh buying. ‘‘FIIs who made heavy purchases in the past few days, appear to have moved to sidelines. It was a welcome correction. It was long overdue,’’ said a dealer with a local brokerage.

Sensex is now off 179.21 points from a lifetime high of 7,228.21 that it struck in intra-day trading on June 27, 2005.

Indian bourses moved in contrast to steady to firm trend witnessed on Asian and European bourses.

Index heavyweight RIL plunged 3.2 per cent to Rs 627.40. IPCL lost 2.6 per cent to Rs 172.15. The stock sharply came off the higher level after an early surge.

Reliance Capital dropped 4.3 per cent to Rs 349.55. The stock did a reversal. It came off the high of Rs 382.50. Reliance Energy shed 2.2 per cent to Rs 625.45. ITC shed 3 per cent to Rs 1,584.10.