The Bombay Stock Exchange benchmark Sensex fell for the second straight day today losing over 174 points, as foreign funds went on a selling-spree in heavyweight counters on approaching year-end.
The Sensex, which lost 19 points yesterday, slumped by 174. 42 points to 16,719.83 as Reliance Industries, ICICI Bank and Infosys came under heavy selling pressure.
While Reliance was the biggest loser with a 2.28 %or Rs 23.60 fall, the other major losers included Sterlite (2.03 pc) ICICI Bank (2.02pc), DLF (1.97 pc) and Bharti (1.89 pc). Infosys shed Rs 34.85 to Rs 2,526.50.
The day's biggest grosser was Tata Motors which jumped 3.13 %on better sales in the global markets. Other major gainers were Sun Pharma (1.12 pc) and TCS (0.67 pc). The fall in the realty and banking counters were on fears that the rising inflation may force RBI to hike rates.
Meanwhile, the wide-based National Stock Exchange index Nifty too fell heavily by 54.05 points to close at 4,987.70 after dipping to the day's low of 4,979.05.
Marketmen said foreign funds are winding up their long positions and booking profits to close their balanacesheets with gains to begin the new year. They said even a better opening in the European markets failed to boost the sentiment even at the fag end.
Among the 30 Sensex counters, 24 ended with losses while the remaining six settled with moderate gains, barring the exception of Tata Motors. A rise in sectoral indices of healthcare, consumer durables and auto saved the market from a major fall.
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