Sensex loses 69 points; RIL down 2%

A significant drop in heavyweight Reliance Industries pulled the benchmark Sensex down by nearly 70 points amid uncertain global trends.

Stretching the losses to fourth day in a row, the key index, which had lost 455 points in the past three sessions, closed lower further by 69.13 points at 15,398.33.

Wider index Nifty on NSE lost 14.80 points at 4,593.55.

Marketmen said selling pressure persisted for the fourth straight day due to uncertainty over the impact of weak monsoon on the domestic economy. Doubts over sustainability of global recovery also added to subdued sentiment.

Reliance Industries, the most valuable company which has nearly 14% weight on Sensex, fell  2.01% to Rs 1,932.10.

Oil and gas sector index suffered the most by losing 1.12% to 9,575.10, followed by healthcare index by 0.73% to 3,829,64.

Trading activities lacked lustre with stocks hovering in the range of 240 points. In the 30-BSE index stocks, 21 stocks fell and eight gained while one remained unchanged.

Refinery stocks led by Reliance Industries were under pressure after the crude oil prices fell below $70  a barrel in overseas markets, raising concerns of a cut in the revenue of companies in oil business.

Besides refinery and pharma companies, the capital goods sector index fell by 0.58% to 12,698.22 and auto index by 0.53% to 5,908.94.

Power sector index fell by 0.44 per cent at 2,897.90, FMCG by 0.35% to 2,545.65 and PSU index by 0.16% to 8,224.65.

However, a rise in shares of consumer durable, metal, IT, Teck, Bank and realty segment saved the market from any major fall.

With the market players indulging in selective buying, smallcap index rose by 0.71% to 6,917.82 and midcap index by 0.22% to 5,770.80.