Sensex snaps 3-day winning streak on profit-booking

Sensex snaps 3-day winning streak on profit-bookingMumbai - The benchmark BSE Sensex fell over 45 points in early trade Friday as funds and retail investors booked profits after three days of gains, even as TCS shares rallied nearly 4 percent after encouraging June quarter results amid a weak global trend.

The 30-share index declined by 45.82 points, or 0.17 percent, to 25,515.34 with realty, power, PSU and metal sector indices leading the fall. The index had gained 554.44 points in the previous three sessions.

The National Stock Exchange Nifty moved down by 16.85 points, or 0.22 percent, to 7,623.60.

Brokers said besides profit-booking by speculators after the recent rally, a weak global trend due to geopolitical tensions arising out of downing of Malaysian Airlines plane in Ukraine contributed to the decline.

They said, however, surge in IT sector stocks averted any major fall.

Shares of Tata Consultancy Services, India's largest IT company, climbed 3.52 percent to Rs 2,464.95 after it posted a 45 percent jump in consolidated net profit at Rs 5,568 crore for the first quarter ended June 2014.

Buying activity also emerged in other IT stocks such as Wipro and Infosys which rose up to 2.53 percent.

Among other Asian markets, Hong Kong's Hang Seng was down 0.87 percent while Japan's Nikkei fell 1.28 percent in early trade today.

The US Dow Jones Industrial Average ended 0.94 percent lower in yesterday's trade. (PTI)