Markets remain under pressure, Sensex down 256 pts
The Bombay Stock Exchange barometer, which opened higher by 102 points, however, later succumbed to selling and ended lower by 255.90 points, or 1.89 per cent, at 13,262.90.business Updated: Sep 17, 2008 16:32 IST
In alternate bouts of buying and selling the benchmark Sensex on Wednesday closed down by 256 points paring its initial gains with the banking stocks coming under pressure while realty shares continued to be battered amidst the global financial crisis.
The Bombay Stock Exchange barometer, which opened higher by 102 points, however, later succumbed to selling and ended lower by 255.90 points, or 1.89 per cent, at 13,262.90.
The 30-share Sensex had lost nearly 1,430 points in the past six sessions.
Similarly, the 50-share Nifty of the National Stock Exchange fell by 66.65 points, or 1.64 per cent, to 4,008.25.
Marketmen said the initial buying triggered by a recovery in the Indian rupee against the greenback and US's rescue plan for the troubled insurance giant AIG, failed to keep momentum as foreign funds, which continued to be concerned over the global financial crisis, preferred to exit from the Indian bourses.
They added that the reversal of the initial rising trends on the other Asian bourses and weak opening of European stock markets on concerns over the health of US financial institutions also dampened the trading sentiments here.
All the sectoral indices ended in the negative zone with banking, metals and realty sectors suffering the most.
Also, pharma giant, Ranbaxy stocks closed Rs 26.80, or 6.60 per cent at Rs 379.10 after the US regulator blocked the sale of more than 30 generic medicines made in two factories by the company because of "deficiencies in manufacturing processes".