The Bombay Stock Exchange benchmark Sensex on Wednesday fell by 52 points to close below the 17000-level, as investors booked profits in shares of banks, oil and gas firms and PSUs ending a three-day gaining streak.
The lower closing was despite an uptrend in European stocks, and sustained capital inflows in the last two days that has also driven down the dollar. The BSE barometer settled at 16998.78, netting a fall of 51.87 points from its previous close.
Reliance industries fell by 1.47 per cent to Rs. 2,102.45 after its annual meeting on Tuesday set the record date for a liberal bonus issue and indicated an overseas acquisition in the near future.
The market turned cautious at the current higher levels anticipating a healthy correction following a 1753-point, or 11 per cent, surge from a low of 15330.56 on November 3.
Banking stocks led by private lender ICICI Bank fell over fears of a new set of rules spearheaded by G-20 countries that would require banks to keep far more capital than before. Metal shares, however, attracted fairly heavy buying support. Steel conglomerate Tata Steel gained 1.68 per cent at Rs. 546.90 and JSW Steel 4.03 per cent at Rs. 965.65.
Rupee recovers 10 paise
The rupee gained by 10 paise and closed at 46.20/21 against the dollar on Wednesday as exporters sold dollars.
It closed at 46.32 on Tuesday. The rupee opened on a strong note at 46.24/25 and later surged to a high of 46.17 before closing at 46.20/21
