Sensex drops 119 points in volatile trading

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MUMBAI: The Bombay Stock Exchange benchmark index (Sensex) on Thursday declined further sharply by 119 points to close at 11,237.23, after touching an intra-day low of 11,008.43 on profit taking by foreign funds for the second session in a row.

The BSE 30-share Sensex, which tanked a huge 307 points in the previous trading session, turned extremely volatile after a promising start at 11,366.91 and later fluctuated in a range of 372 points but managed to restrict the net fall to 118.50 points.

Foreign institutional investors were believed to be net sellers to the tune of Rs. 808 crore in equity and Rs. 2,165 crore in futures during the overnight mayhem on bourses. The FIIs' massive withdrawals during the month induced fears among investors that the fourth quarter earnings might not be up to market projections, brokers said. The FIIs have pulled out Rs. 849 crore from equity on April 7 and 10 and over Rs. 4,000 crore from futures in the first five trading days. The sell-off was so severe during the day that the market failed to notice any positive development, including a strong rally in metal prices on the LME. PTI



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