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Sensex falls 75 pts after two days of gains

The Bombay Stock Exchange benchmark Sensex on Friday fell 75 points as investors encashed two days of gains although overseas markets showed a firm trend.

BT Online Bureau | December 23, 2011 | Updated 18:36 IST

The benchmark index for Indian equities, Sensex, on Friday fell 75 points as investors encashed two days of gains although overseas markets showed a firm trend.

Sensex, which gained over 638 points in the previous two sessions, fell 74.66 points to 15,738.70. It moved between 15,911.23 and 15,671.28.

The 50-scrip NSE index Nifty fell 19.85 to 4,714, after shuttling between 4,763.45 and 4,693.20.

Brokers said investors booked profits amid foreign funds squaring up positions ahead of the New Year.

The market sentiment also dampened after global equity research firm CLSA cut its forecast for India's economic growth for the next fiscal to 6.7 per cent.

Selling pressure was so strong that a firm trend in Asian markets and higher openings in Europe failed to enthuse investors.

Sensex has dropped 23 per cent this year on a string of investor concerns - weak global and domestic economic growth outlook, inflation, high interest rates, the falling rupee and lack of reform initiatives.

RIL and Infosys, the top Sensex heavyweights, fell sharply. RIL dropped 1.10 per cent, while Infosys fell by 0.73 per cent.

Other major losers included Bajaj Auto, Bharti Airtel, DLF, HDFC Bank, ICICI Bank, SBI, Jindal Steel, Tata Steel, NTPC and ONGC.

The consumer durables index suffered the most by falling 1.15 per cent to 5,328.28, followed by oil and gas - down 1.05 per cent to 7,926.15. The banking index lost 1.04 per cent to 9,529.86 and the metal index by 0.42 per cent to 9,531.62.

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