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Late selling reverses trend, Sensex loses 100 points

Late selling reverses trend, Sensex loses 100 points
PTI
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First Published: Mon, Sep 17 2007. 04 45 PM IST
Updated: Mon, Sep 17 2007. 04 45 PM IST
Closing
Mumbai: A fag-end selling reversed the early firm trend as the benchmark Sensex plunged nearly 100 points on the Bombay Stock Exchange today on selling by funds in heavy weight software developer stocks.
The Sensex, which opened the day higher by 105 points, fell back and lost 99.37 points at 15,504.43, after touching a high of 15,726.06 and a low of 15,467.46 points.
The wide-based National Stock Exchange index Nifty rose by 23.35 points at 4,494.65, after rising to 4,549.05 and a low of 4,482.85 points.
The market tumbled on heavy selling by funds in IT stocks such as Tata Consultancy and Infosys Technology. The IT index suffered the most by losing 61.66 points at 4,387.26 followed by Teck index by 50.78 points at 3,479.06.
Bank index fell by 45.34 points at 8,090.77, realty by 44.74 points at 7,928.01 and oil and gas by 15.13 points at 8,372.09.
The market received some cushioning to falling index as consumer durable index remained higher by 146.60 at 4713.97.
Afternoon update
Mumbai: A steep fall in banking stocks triggered by frantic selling by funds pulled the stock market down by over 136 points at 1400 hrs today, after a promising start.
The benchmark Sensex, which commenced the day with a gain of 105 points, fell by 136.34 points to 15,467.46 as heavy-weight stocks in banking, realty and information technology sector fell.
The selling came ahead of the U.S. Federal Reserve’s decision on interest rate.
Marketmen, however, said a significant rise in consumer durable sector stocks saved the market from a major fall.
While bank index fell 60.32 points at 8067.77 and realty sector index by 74.66 points at 7898.09, the consumer durable index climbed by 109.32 points to 4676.69.
Open
Mumbai, 17 September The benchmark Sensex gained nearly 106 points in early trade on the Bombay Stock Exchange today on heavy buying by foreign as well as domestic funds in blue-chip stocks.
The 30-share index, which remained bullish last week extended its gains and rose by 105.74 points at 15,709.54 in the first five minutes of trading.
Similarly, wide-base National Stock Exchanges’ Nifty rose by 28.00 points at 4,546.00 points.
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First Published: Mon, Sep 17 2007. 04 45 PM IST