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Sensex down 273 points

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MUMBAI: The stock market failed to sustain the recovery on Friday and tumbled by a hefty 273 points due to continued pull out by foreign institutional investors compelling retailers to book profits at the weekend session.

Foreign institutional investors were net sellers in the cash in the last two days after their heavy pull out in the derivatives from the beginning of the week.

Selling pressure from the FIIs remained intensive. The fall in inflation to 6.05 per cent for the week ended February 17 failed to have any desired impact on the sagging trend.

After touching a high of 13254.03, the Sensex gradually moved downwards to 12836.75 before ending at 12886.13, a net fall of 273.42 points or 2.08 per cent from 13,159.55 on Thursday.

Similarly, the S&P CNX Nifty softened by 84.45 points or 2.22 per cent to close at 3726.75 from 3811.20.

The market has still not stabilised after the global meltdown and industry's disappointment over budget proposals caused the year's biggest fall of 540 points on February 28. The capital goods, banking, IT and Oil & Gas sectors bore the brunt of FII selling pressure.

The broad-based BSE-100 index fell back by 127.73 points to 6,486.39 from previous close of 6,614.12.

The BSE-200 index and the Dollex-200 were quoted sharply down at 1535.92 and 577.10 at close against 1564.49 and 588.63 respectively.

The BSE-500 Index lost 86.53 points at 4906.68 against 4993.21 and the Dollex-30 ended lower at 2387.77 from 2441.57. PTI

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