Sensex wipes off early gains, falls over 137 pts

The Sensex, which commenced the day higher at 17,080.17 points, fell back to trade lower by 137.39 points at 16,895.12 at 1230 hrs.

Erasing early gains, the Bombay Stock Exchange benchmark Sensex on Tuesday fell over 137 points at mid-session on emergence of profit selling by funds in realty, bank and refinery sector shares.

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The Sensex, which commenced the day higher at 17,080.17 points, fell back to trade lower by 137.39 points at 16,895.12 at 1230 hrs.

Similarly, the wide-based National Stock Exchange index lost 46.40 points at 5,011.65.

Marketmen said the selling emerged in stocks, which had gained substantial ground in last few sessions even as the fundamentals of the markets still remained better.

They said the current fall could be seen as a technical correction and good for a healthy market.