Markets remain under pressure, Sensex down 256 pts

Mumbai, Sep 17 (PTI) In alternate bouts of buying and
selling the benchmark Sensex Wednesday closed down by 256
points paring its initial gains with the banking stocks coming
under pressure while realty shares continued to be battered
amidst the global financial crisis.

The Bombay Stock Exchange barometer, which opened higher
by 102 points, however, later succumbed to selling and ended
lower by 255.90 points, or 1.89 per cent, at 13,262.90.

The 30-share Sensex had lost nearly 1,430 points in the
past six sessions.

Similarly, the 50-share Nifty of the National Stock
Exchange fell by 66.65 points, or 1.64 per cent, to 4,008.25.

Marketmen said the initial buying triggered by a recovery
in the Indian rupee against the greenback and US's rescue plan
for the troubled insurance giant AIG, failed to keep momentum
as foreign funds, which continued to be concerned over the
global financial crisis, preferred to exit from the Indian
bourses.


They added that the reversal of the initial rising trends
on the other Asian bourses and weak opening of European stock
markets on concerns over the health of US financial
institutions also dampened the trading sentiments here.

All the sectoral indices ended in the negative zone
with banking, metals and realty sectors suffering the most.

Also, pharma giant, Ranbaxy stocks closed Rs 26.80, or
6.60 per cent at Rs 379.10 after the US regulator blocked the
sale of more than 30 generic medicines made in two factories
by the company because of "deficiencies in manufacturing
processes".

The BSE Banking Index fell by 259.45 points at 6,592.96
after the country's largest private sector lender ICICI Bank
lost by Rs 31.05, or 5.25 percent, at Rs 560.30. HDFC Bank
lost Rs 45.65, or 3.71 percent, at Rs 1,184.40, while
country's largest lender State Bank of India fell by Rs 56.85,
or 3.59 percent at Rs 1,528.65.

Metal index tumbled by 361.56 points at 9,814.93 as
index-heavy Sterlite Industries fell by Rs 38.40 at Rs 439.30.
It was followed by Jindal Steel and Power, which lost Rs 98.10
to close at Rs 1,309.55, Nalco by Rs 28.65 at Rs 388.65, Tata
Steel by Rs 12.55 at Rs 475 and SAIL by Rs 2.20 at Rs 135.10.