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Sensex snaps three-day gaining streak

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MUMBAI: In another day of choppy trading the Bombay Stock Exchange sensitive index failed to maintain the day's higher levels and ended 67 points down at 10786.63, snapping the three-day gaining string. Retail investors and foreign institutional investors were heavy sellers at every rise while domestic mutual funds absorbed part of the sales.

The BSE 30-share sensitive index (Sensex) attempted short rallies, touching the intra-day high of 10988.23 but across-the-board selling in some sectors pulled the market sharply down at the fag end. After hitting the day's low of 10722.92, the Sensex later closed at 10786.63 against 10853.14, a net fall of 66.51 points.

On the National Stock Exchange, the S&P CNX Nifty shed 29.60 points to close at 3185.30.

Automobile stocks bore the brunt of selling triggered by concerns over a likely hike in petrol and diesel prices at home amid soaring global oil prices. Cement and metal shares also suffered a sharp setback. IT and consumer durable counters, however, bucked the trend and registered marked to moderate gains on select buying support from financial institutions. The volatility seemed to be driving bull operators away from the market, brokers said adding that they became extremely cautious in the light of sustained FII sales in the Cash segment. The FIIs reported net sales of Rs. 116 crore in equity and turned sellers to the tune of Rs. 412 crore in the futures.The volume of business improved and was relatively high at Rs. 3,215.10 crore against Rs. 2,486.52 crore PTI


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