Market reverse early trend, lost 194 pts

Sensex failed to maintain early gains at noon and lost nearly 194 points on emergence of profit selling at higher levels.

The Bombay Stock Exchange benchmark Sensex failed to maintain early gains at noon on Wednesday and lost nearly 194 points on emergence of profit selling at higher levels.

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The 30 share index, Sensex, which had been on upward march since last six trading session, fell 194.42 points at 16,589.45 at 1200 hours as market players sold shares at existing higher levels.

The Sensex had risen to a high of 16,871.27 in the initial five minutes of trading.

Meanwhile, the broader 50-share S&P CNX Nifty of the National Stock Exchange moved down by 45.75 points to 5,003.55 at the same time as heavy-weight stocks recorded fresh losses.