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Sensex dips by 238 points

Sensex failed to sustain Friday's rally and plunged to 10,213.48 on across-the-board selling pressure.

india Updated: Jun 05, 2006 17:14 IST

The stock markets failed to sustain Friday's rally and plunged by 238 points on Monday to 10,213.48 on across-the-board selling pressure amid indications of a slow down in FII inflows.

Foreign Institutional Investors (FIIs), who had made fairly heavy purchases on the last weekend, once again were believed to be selling in the cash segment.

Touching an intra-day high of 10,552.38, the Bombay Stock Exchange (BSE) 30-share sensitive index (Sensex) later came under heavy sell-off and dropped to a low of 10,186.33 before ending the day at 10,213.48 from Friday's close of 10,451.33, a net fall of 237.85 points or 2.28 per cent.

The Sensex had recovered by a massive 380 points or 3.77 per cent on June 2, on hectic shortcovering by FIIs.

The National Stock Exchange's (NSE) S&P CNX Nifty also tumbled by 74.70 points or 2.42 per cent to 3,016.65 from the previous close of 3,091.35.

FIIs were seen selling heavily in the Cash segment while domestic funds seemed to be unable to absorb FII sales, market players said.

FIIs reported net purchases of Rs 1,939 crore in the Futures and Options (F&O) on June 2. As per the provisional numbers on the NSE web, they made net purchases of Rs 621.20 crore in cash segment on the same day.

The selling was so widespread that 26 of 30 index-based counters suffered sharp losses.

RIL, SBI, Infosys Tech, HLL, ONGC, Maruti Udyog, Satyam Computer, Tata Steel, HDFC Bank, ICICI Bank, Grasim, BHEL, Dr Reddy's Lab, Bharti Tele-Venture, ACC, Hindalco and ITC registered huge falls.