News about profit-taking

The Nifty 50 fell 257.20 points (1.11%) to 22,888.95 and the BSE Sensex dropped 876.37 points (1.17%) to 73,852.90, after falling more than 1,000 points intraday before partially recovering; the Bank Nifty shed 355.90 points to 55,488.10. Pressure came from profit booking after last week's rally, weak global cues, foreign fund outflows, elevated crude oil prices and September-quarter earnings. HDFC Bank, ICICI Bank and Axis Bank together accounted for more than half of the Sensex's decline, even though Axis Bank reported a 39.4% rise in consolidated net profit, while the Nifty PSU Bank index gained about 2.5%. The rupee extended its appreciation streak to seven consecutive sessions, supported by a stable US dollar and Reserve Bank of India intervention, while Brent crude traded around $107-108 a barrel.