Date:23/08/2006 URL: http://www.thehindu.com/2006/08/23/stories/2006082302651800.htm

Business

Late selling wipes out Sensex gains

MUMBAI: Late profit selling wiped out initial gains and the Bombay Stock Exchange benchmark Sensex on Tuesday closed flat with downward bias despite a positive turnaround in the Asian markets.

Taking a serious view of consistent net sales by foreign institutional investors in the derivatives segment, bulls adopted a cautious approach after lifting the Sensex above the 11600-mark to the intra-day high of 11619.86.

The Sensex came under heavy pressure at the fag end of the session and touched a low of 11460.93 before closed at 11502.62 against Monday's close of 11511.68, a net loss of 9.06 points.

On the National Stock Exchange, the S&P CNX Nifty inched down by 1.40 points to 3364.60. — PTI