Market down in fourth straight session

By siliconindia   |   Saturday, 19 January 2008, 02:19 IST
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Mumbai: The Bombay Stock Exchange benchmark Sensex fell further by 167 points on Thursday on heavy selling by funds. The fall in the fourth straight weak session is reportedly sparked by weak global trends. The Sensex, which remained weak in past three trading sessions, ended lower by 167.29 points at 19,700.82, after touching the day's low of 19,643.76 and a high of 20,026.12 points. The key index lost nearly 1,127 points in the last four sessions as foreign funds refrained from enlarging their positions in view of concerns of recession in U.S. after banking major Citigroup revealed heavy losses following sub-prime mortgage crisis. Similarly, the National Stock Exchange index Nifty lost 22.55 points at 5,913.20, after dipping to 5,880.30 points level as most of the index related stocks led by refiners closed with losses. Marketmen said fears of inflation in U.S. kept the overseas investors away from stock market while retail investors liquidated from secondary market to invest in the Reliance Power IPO. They said reports of a slow-down in neighbouring China's economic growth also dampened the trading sentiment. Oil and gas sector index suffered the most by losing 268.76 points at 13,381.37, followed by bank index by 192.71 points at 11,971.44. Realty index dropped by 62.12 points at 12,763.19 and IT index by 29.34 points at 3853.54.