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Sensex drops 40 points

MUMBAI SEPT. 6. Equities suffered a sharp setback pushing the sensex down by about 40 points at close on the Bombay Stock Exchange today on fresh sell-off triggered by reports of the U.S. and British strikes on Iraq. Market sources also attributed selling to a sharp overnight reaction in U.S. stocks following a spate of bad news about the economy, including sluggish productivity growth and disappointing retail sales.

Operators and investors reacted seriously to reports that about 100 U. S. and British aircraft took part in an attack on a major Iraqi air defence installation, which was later confirmed by an Iraqi military spokesman.

The BSE benchmark 30-share index opened on a weak note at 3176.15 and gradually moved down to the intra-day low of 3131,15 before ending at 3141.11 against yesterday's close of 3181.47, netting a fall of 40.36 points or 1.36 per cent. The broad-based BSE-100 index dropped 21.46 points to 1552.15 from 1573.61.

Meanwhile, investors, sources added, seemed to have temporarily discounted the statement of the Union Disinvestment Minister, Arun Shourie, that economic reforms such as privatisation run the risk of a slowdown, ahead of the crucial CCD meeting on Saturday.

After a remarkable advance on Wednesday, the Dow Jones Industrial Average and the Nasdaq composite Index dropped sharply by 141.42 points and 41.21 points respectively.

PTI

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