Date:28/08/2008 URL: http://www.thehindu.com/2008/08/28/stories/2008082856531800.htm

Business

Sensex drops 185 points

MUMBAI: Snapping the moderate gains of the last two days, the Bombay Stock Exchange sensitive index closed lower by 185 points on Wednesday on selling pressure in realty and banking stocks. The Sensex closed at 14296.79 against 14482.22 on Tuesday.

Brokers said the markets which opened on a strong note came under pressure in the last one hour of the trade with investors resorting to selling tracking weakness in European markets.

Rupee recovers

A day after hitting the 44-mark against the dollar, the rupee gained 11 paise to close at 43.74/75 on Wednesday on dollar selling by banks. Foreign exchange dealers said the Reserve Bank of India (RBI) heavily sold dollars when the rupee touched the day’s low of 43.93 in late afternoon trade. The rupee closed at 43.86 a dollar on Tuesday. — PTI