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Reliance leads Sensex fall

June 15, 2009

The Sensex fell on Monday as an unfavourable court ruling saw a sell off in shares of Reliance Industries. Investor sentiments were also dampened by weak Asian markets.

The 30-share sensitive index swung from an intra-day high of 15,261 to an intra-day low of 14,808, and finally closed 362 points lower at 14,857. The fifty-share Nifty ended 2.1 percent lower at 4484. MARKETS-SOUTHASIA-STOCKS/

The fall in the benchmark index was led by Reliance Industries, L&T and Sterlite Industries.

Sensex heavyweight Reliance Industries fell over 7 per cent after the Bombay High Court directed it to supply gas to former group firm Reliance Natural Resources at about half the government-approved price.

On the sectoral front, the BSE Oil & Gas Index dropped 4.5 percent, followed by the Metal Index which ended 3.8 percent lower. The BSE FMCG Index, however, ended higher at 0.58 percent.

On the global front, most Asian stocks registered a decline, pulling further from the 8-month high on renewed worries about the health of the global economy.

FIIs bought net $109.4 million in shares and $15.8 million in debt.

The rupee too fell to 48 per dollar – its weakest since May 28.

Do you think today’s fall in the Sensex was an aberration, or will the downtrend continue?

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