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Sensex snaps 4-day rally, down 120 pts as RIL, JSPL fall

The BSE benchmark Sensex on Friday retreated from six-week high levels to close 120.13 points lower at 19,286.72, snapping a four-session upmove, hit by profit-booking in RIL, ICICI Bank, HUL and SBI shares amid a weak global trend.

Shares of realty, IT, refinery, banking, metal and power sectors declined as investors adopted a cautious stance and sectoral indices ended lower in 1.20-2.20 per cent range. Sensex resumed lower at 19,376.00 and hovered in a range of 19,384.95 and 19,249.75 before ending at 19,286.72, showing a loss of 120.13 points or 0.62 per cent from its last close.

It gained 675.69 points, or 3.61 per cent, in past four trading sessions. On a weekly basis, the benchmark index gained over 270 points. The NSE 50-share Nifty dropped by 44.85 points or 0.76 per cent to 5,871.45 on Friday.

'Markets ended the week with losses as various large stocks witnessed profit booking. IT sector was particularly impacted likely because of the concerns on the provisions of Immigration Bill tabled in the US senate. However, stocks like Maruti, LIC Housing Finance, etc did well on the back of better-than-expected results,' said Dipen Shah, Head of Private Client Group Research, Kotak Securities. Brokers said investors now look forward to at least 0.25 per cent interest rate cut by RBI when it meets on May 3 for monetary policy review.

In banking sector, ICICI bank reported 21 per cent jump in net profit at Rs 2,304.07 crore for the fourth quarter ended 31 March but its shares fell nearly 3 per cent. Maruti Suzuki reported best-ever quarterly profit of Rs 1,148 crore in Q4 helping its shares jump over 5 per cent.Hero MotoCorp, whose net profit slipped by 4.86 per cent, saw selling pressure and its stock ended nearly 1.5 per cent down. Jindal Steel scrip slid 4.29 per cent after consolidated net profit fell by nearly 35 per cent for March quarter.
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