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Sensex surrenders 445 points

MUMBAI: Markets suffered a further setback on Friday with the benchmark Sensex shedding a hefty 445 points on selling sparked by reports of failure of another U.S. firm Washington Mutual. The National Stock Exchange index Nifty closed below the 4000- mark.

Marketmen said investor sentiment was battered after report of all deposits, assets and certain liabilities of Washington Mutual, America’s second largest savings and loan institution, going to JPMorgan Chase on regulator’s directive.

The BSE barometer which lost nearly 145 points on Thursday, fell further by 445 points to 13102.18.

The 50-share National Stock Exchange index Nifty too came under heavy selling pressure and closed at 3985.25, a level last seen on July 16.

On the BSE, realty stocks were hammered once again amidst continuing concern over upheaval in global financial markets and their sectoral index closed down by 6.33 per cent.

Banking counters were also under severe pressure and bankex was lower by 4.27 per cent at close. Metal index was the next biggest casualty at 4.76 per cent.

On BSE, Reliance Industries took a beating of 3.17 per cent to close at Rs 1,960.90. Ranbaxy Labs bore the maximum brunt among leading stocks, losing 8 per cent.

Sterlite Industries continued to be among the biggest losers (6.28 per cent).

The Indian rupee fell by 33 paise to 46.54/55 on Friday due to month-end dollar demand and sustained capital outflows amid weakening U.S. currency in overseas markets.

In a fairly active trade at the inter-bank foreign exchange market, the rupee resumed steady at 46.19/21 against Thursday’s close of 46.21/22 but later dropped to close at 46.54/55 a dollar. — PTI

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