Markets end in red for sixth day in row

MUMBAI: The markets pared its early gains and shed nearly 73 points on sustained selling pressure triggered by a host of factors, including fears of a imminent fuel price hike.
    
The 30-share Sensex on the Bombay Stock Exchange settled the day at 16,275.59, a loss of 72.91 points, or 0.45 per cent, from its last close, extending the losses to sixth day in a row.
    
Minutes after resumption of trading, the BSE barometer hit the intra-day high of 16,506.35.
    
The 50-share S&P CNX Nifty of the National Stock Exchange also fell by 15.25 points, or 0.31 per cent, to close at 4,859.80 from its previous close.
    
Marketmen said investors were unwilling to make any commitments in the prevailing scenario with inflation showing no signs of coming down despite several fiscal and monetary measures. Besides, fears of a fuel price hike at domestic level in view of high global crude prices also dampened trading sentiments.
    
Attributing early surge by about 158 points to firm Asian cues, they said there was hardly any factor supporting the market that could attract investors to cover their shorts ahead of the expiry of derivatives series on Thursday.
    
Asian indices closed up by 0.32 to 1.48 per cent while European markets traded in negative territory in their early part of the session.
    
Bank shares were biggest losers on Tuesday, the second consecutive day. Key bank stocks such as State Bank was down 4.19 per cent, HDFC Bank 1.20 per cent and ICICI Bank 1.71 per cent.
    
Other major losers were RIL (1.25 per cent), HDFC (2.08 per cent) and ONGC (1.34 per cent).