RIL drags Sensex by 66 points in volatile trading

MUMBAI: Weighed down by a sharp fall in shares of oil and petrochemical major Reliance Industries (RIL), the Sensex on Tuesday dipped by another 66 points on concerns of a surge in global crude prices and FII pull out.

The Bombay Stock Exchange Sensex initially rallied to a high of 10406.43, but later failed to maintain higher levels as select key blue chips came under severe pressure. It had fallen to the day's low of 10149.85 but recouped in the last 30 minutes to close at 10226.78 against Monday's close of 10293.22, a net loss of 66.44 points, extending its losing streak to the fourth day in a row.

On the National Stock Exchange, the S&P CNX Nifty dropped by 13.90 points to close at 2993.65.

Foreign institutional investors pulled out Rs. 670 crore in the cash segment on July 17, according to the provisional numbers on the NSE website. The FIIs were net sellers to the tune of Rs. 638 crore in the Futures & Options segment on the same day.

Oil prices eased in Asian trade but hovered near record highs causing concerns among investors, market players said.

RIL, which has high weightage on the Sensex, recorded a sharp fall on aggressive selling pressure. However, impressive gains in other heavyweight stocks such as Infosys, Satyam, Wipro, ONGC, Grasim, HDFC Bank and Bharti Airtel, cushioned the slide. Brokers attributed the market's partial fag-end recovery to short covering by operators. PTI

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