Sensex loses 257 points to 16,649

Sensex drops for the second straight session by losing over 257 points on heavy selling by funds.

The Bombay Stock Exchange benchmark Sensex dropped for the second straight session on Friday by losing over 257 points on heavy selling by funds.

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The Sensex, which suffered a loss of 336 points in previous day's trading, dropped further by 257.47 points to 16,649.64. It touched the day's low of 16,626.11 and high of 17,054.34 points.

Wide-based National Stock Exchange's index Nifty fell by 76.50 points to 4,948.95, after dipping to 4,940.70 points. It rose to 5,059.05 points during the day as selling spread over a wide-front.