Markets extend loss as FIIs book profits

Mumbai, Dec 18 (PTI( The Bombay Stock Exchange benchmark
Sensex fell for the second straight day Friday losing over 174
points, as foreign funds went on a selling-spree in
heavyweight counters on approaching year-end.

The Sensex, which lost 19 points Thursday, slumped by
174. 42 points to 16,719.83 as Reliance Industries, ICICI Bank
and Infosys came under heavy selling pressure.
While Reliance was the biggest loser with a 2.28 per cent
or Rs 23.60 fall, the other major losers included Sterlite
(2.03 pc) ICICI Bank (2.02pc), DLF (1.97 pc) and Bharti (1.89
pc). Infosys shed Rs 34.85 to Rs 2,526.50.
The day's biggest grosser was Tata Motors which jumped
3.13 per cent on better sales in the global markets. Other
major gainers were Sun Pharma (1.12 pc) and TCS (0.67 pc).
The fall in the realty and banking counters were on fears
that the rising inflation may force RBI to hike rates.
Meanwhile, the wide-based National Stock Exchange index
Nifty too fell heavily by 54.05 points to close at 4,987.70
after dipping to the day's low of 4,979.05.
Marketmen said foreign funds are winding up their long
positions and booking profits to close their balanacesheets
with gains to begin the new year. They said even a better
opening in the European markets failed to boost the sentiment
even at the fag end.
Among the 30 Sensex counters, 24 ended with losses
while the remaining six settled with moderate gains, barring
the exception of Tata Motors. A rise in sectoral indices of
healthcare, consumer durables and auto saved the market from a
major fall. PTI RS
MYR


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