Sensex drops 40 points

After a good start, the BSE Sensex slipped 40 points to trade at 13,847.11 on Monday due to profit-booking at higher levels in select counters influenced by weak cues from other Asian markets.

Initially the market opened higher following view of finance minister Pranab Mukherjee about measures to put up the economy back on track and will take to fire growth.

After a good start at 14,008.75 points, the Bombay Stock Exchange 30-share index slipped in the red and traded down 40.04 points at 13,847.11.

The broader 50-share Nifty of the National Stock Exchange also moved down by 27.55 points to 4,210.95 from its last close.

Asian stock markets fell in early on Monday after North Korea said it has conducted a nuclear test, erasing an earlier rally that was fueled by gains in mining and shipping sectors.

Key benchmark indices in China, Hong Kong, South Korea and Taiwan failed between 0.28 per cent and three per cent while indices in Japan and Singapore rose between 0.50 per cent and 1.14 per cent.