Sensex falls for 3rd day on reform concerns, weak Asian cues

Erasing initial gains, the BSE index Sensex fell for the third day on Wednesday losing 28 points on concerns over the government's ability to push through reforms and weak global cues.

After a volatile trade, the 30-share barometer closed lower by 27.77 points, or 0.16 per cent, to 17,145.52 points. The benchmark index had lost 464 points in the last two trading sessions.

The gauge touched a high of 17,239.35 points and also fell to the day's low of 17,008.77 points as foreign funds remained on the sidelines on reform concerns, brokers said.

The broad-based National Stock Exchange index Nifty fell by 1.95 points to 5,220.45, after moving between 5,243.85 and 5,171.45.

Market major Reliance Industries fell by further by 1.94 per cent to Rs 761.35 followed by a loss of 2.68 per cent yesterday, pulling the Sensex down.

Brokers said the falling trend was partly checked on higher opening in European stocks and a gain in the second most heaviest on the Sensex Infosys, which closed up 1.07 per cent at Rs 2,879.60.

They said every rise in the market was encashed by speculators amid investors and major market players looking to the upcoming budget on March 16.

The current down-fall was led by metal, refinery, power and capital goods stocks with losses up to 1.51 per cent.

Among the major losers, NTPC fell by 2.41 per cent to Rs 170.15, Sterlite Industries by 3.95 per cent to Rs 109.35 and Bharti Airtel by 1.91 per cent to Rs 329.55.

BHEL declined by 1.85 per cent to Rs 270.90, Jindal Steel by 1.78 per cent to Rs 536.25, Maruti Suzuki by 1.48 per cent to Rs 1,309.10 and ONGC by 1.01 per cent to Rs 278.75.