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Sensex slides 3 pct

June 17, 2009

The Sensex came under pressure on Wednesday too, as investors continued to book profits in a market that has risen about 86 percent from a 2009 low in early March.
MARKETS-SOUTHASIA-STOCKSInvestor sentiments were hit as several U.S. economic indicators came below expectations. Oil rose towards $71/barrel on Wednesday followed by a weaker dollar. The effect was felt in Asian and European markets too.

The Benchmark extended losses in afternoon trade, led by a sharp decline in metals, capital goods and realty stocks.

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

The 30-share sensitive index swung from an intra-day high of 14,995 to an intra-day low of 14,447, and finally closed 435 points lower at 14,522. The fifty-share Nifty ended 3.5 percent down at 4356.

On the sectoral front, the BSE Realty Index dropped 5.9 percent, followed by the Metal Index which ended 5.6 percent lower. All other Sensex components ended the day in the red.

Growing optimism in global economic outlook has bought in almost $8 billion in foreign investments into the Indian market. FIIs bought net $237 million in debt on Wednesday.

Do you think the Sensex will see more profit booking before the budget next month?

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