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Sensex loses 74 points

MUMBAI: The Sensex ended 74 points lower on Tuesday, cutting short the three-day winning streak, as the market consolidated at higher levels amid expectations of rate cuts by the world’s major economies. The market started on a promising note and touched the intra-day high of 19707.86 but later came under pressure.

Attributing the reversal in trend to a sharp setback in heavyweights such as RIL and ICICI Bank, market players said the market lacked direction in the absence of any major trigger as well as negative foreign institutional investors’ activity.

Analysts, however, viewed the range-bound trade as consolidation near the strong resistance level of 19750 and expected a breakout after the U.S. Federal Reserve meeting on December 11, which is likely to cut fed rates. The European Central Bank and Bank of England are also scheduled to meet on December 6 to consider changes in interest rates. The Sensex ended the day at 19529.50, a net loss of 73.91 points from Monday’s close of 19603.41. The S&P CNX Nifty of the National Stock Exchange also fell by 6.65 points to close at 5858.35 against 5865 points — PTI

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