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Sensex cut short 2-day rally, closes above 10K

Sharp fall in metal shares cut short the Sensex's two-day rally, which fell by 37.46 pts, but it managed to end at 10,044.82.

india Updated: Feb 08, 2006 17:29 IST

Sharp fall in metal shares cut short the Bombay Stock Exchange (BSE) 30-share sensitive index (Sensex) two-day rally and fell by 37.46 points, but managed to end above 10,000-level at 10,044.82.

The Sensex opened barely steady at 10,083.53 as against Tuesday's life-time close of 10,082.28 and after remaining in the negative terrain thoughout the day, touched a low of 9,958.55.

But short-covering by operators as well buying at lower levels in some of the blue-chips by Foreign Institutional Investors (FIIs) helped the index to recover part of its early losses and ended at 10,044.82, showing a fall of 0.37 per cent.

Discouraging global trend also had its negative impact on the market sentiment, dealers said.

Even though the government has projected a higher economic growth of 8.1 per cent for this fiscal, cautious operators preferred to book profits ahead of the holiday on Thursday, they added.

In Asian markets, the Nikkei tumbled by 448.31 points, the Hang Seng by 143.57 points, Taiwan by 95.97 points, Kospi 21.29 points and Singapore ST by 20.48 points at close on Wednesday.

Similarly, on the international front, on Wall Street, the Dow Jones Industrial Average and the Nasdaq Composite Index on Tuesday dropped by 48.51 points and 13.84 points respectively.

Meanwhile, FIIs reportedly made hefty purchases of nearly Rs 2,295 crore on the first four days of the current month while domestic funds pressed sales worth Rs 362 crore on Monday.

First Published: Feb 08, 2006 10:46 IST