Mumbai: After early euphoria over US President George Bush's re-election, the market today (Nov 4, 2004) reacted on profit selling and ended 10 points down, snapping a three-day winning streak.

The BSE Benchmark 30-share index opened firm at 5871.62 and even rose to the intra-day high of 5883.39 during morning trading in response to reports of a electoral victory for US President George W Bush.

Thereafter, the Sensex gradually moved downwards to the day's low of 5814.37 before ending the day at 5832.88 as against yesterday's close of 5842.54, a net loss of 9.66 points or 0.17 per cent.

The euphoria over Bush winning a second term in office was short-lived due to indication that the upward trend in oil prices will continue following his re-election.

Operators and retailers also turned cautious and pressed sales in a number of blue chip counters on fears of a hike in prices of domestic petroleum products.

The cabinet committee on economic affairs will meet this evening to decide on the prices of petrol, diesel, LPG and kerosene.

Market players, which have built up heavy positions in the past three sessions, preferred to book profits at the prevailing higher price levels ahead of any decision on petrol price hike, brokers said.

Blue chip counters including Satyam Computers, Grasim, HDFC Bank, Tata Motor, Tata Steel, SBI, RIL, Wipro, ONGC, L&T, BHEL, Bajaj Auto and ITC registered sharp falls.

While Infosys Tech, Dr Reddy's, REL, Hindalco, Hero Honda and Ranbaxy showed marked gains.