Sensex sheds 246 points in early trade

The 30-share index, having closed above the 20K level on Tuesday, fails to sustain the momentum.

The Bombay Stock Exchange benchmark Sensex fell by 246 points in early trade on Wednesday on emergence of profit-selling at existing higher levels of blue chip stocks, triggered by weak global trend.

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The 30-share index, Sensex, which closed above the 20,000 points level for the first time on Tuesday, failed to sustain the momentum and dipped by 245.47 points to 20,045.42 in the first five minutes of trade.

Heavy-weight stocks like Reliance capital, SBI, Punjab National Bank, Infosys technology lost substantial ground, on the back of profit-selling by investors at the existing levels.

Similarly, the wide-based National Stock Exchange index, Nifty, also lost 91.80 points to touch 6,005.45 points.

Stock traders said trading sentiment turned weak following reports of a steep fall in the Asian and US stock markets.