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Sensex drops 176 points

Hit by political instability at the Centre, the 30-share Sensex, which had notched up over 430 points in past two sessions, lose 176 points at 13,349.65.
PTI | By HT Correspondent, Mumbai
UPDATED ON JUL 08, 2008 08:38 PM IST

Markets two-day resistance to selling pressure was snapped on Tuesday as the benchmark Sensex closed lower by over 170 points with investor sentiment being hit by political instability at the Centre.

The 30-share Sensex, which had notched up over 430 points in past two sessions, on Tuesday lost 176.34 points at 13,349.65. It touched the day's low of 13,049.96 and a high of 13,451.67 points.

Wider National Stock Exchange index Nifty also fell by 41.45 points at 3,988.55.

Selling pressure gathered momentum following Left's decision to withdraw support to the UPA government at the Centre.

Buying trend was further weakened by reports of select Asian stock markets dropping with funds off-loading their holdings.

On BSE, oil and gas sector lost 138.78 points at 8,743.36 followed by IT at 129.77 points lower at 4,045.95.

Reliance Industries, the third biggest company in the world in refining business, fell by Rs 49.55 at Rs 1,978.60.

Ahead of its Q1 results of this fiscal, Infosys Technologies dropped Rs 65.20 at Rs 1,736. RIL, together with Infosys, carry nearly 25 per cent weightage on the Sensex.

Global rating agency HSBC downgrading the Sensex also reduced buying in heavyweight stocks and kept the market under pressure.

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