Business

Sensex surrenders 118 points on profit booking

MUMBAI: The Bombay Stock Exchange benchmark Sensex fell for the third straight session on Wednesday by losing over 118 points on continuous profit booking ahead of the long Christmas and the New Year holidays in the overseas market.

The bellwether index ended lower by 118.03 points, or 1.22 per cent, at 9568.72, its lowest close since December 8. In three days of sustained selling, the barometer has lost hefty 531.19 points from a psychologically important level of over 10000.

The wide-based National Stock Exchange index Nifty also fell by 51.80 points, or 1.74 per cent, at 2916.85.

Marketmen said profit booking emerged ahead of expiry of December contract in the derivative segment and beginning of Christmas and New Year holidays.

Except for the banking index which closed up by 1.64 per cent, all other sectoral indices ended lower in the range of 1-5 per cent.

In a dramatic u-turn, the rupee on Wednesday closed higher by 70 paise against the greenback after a steep fall in early trade amid hectic dollar selling by exporters and banks. Dealers in foreign exchange said a weak dollar in the overseas market helped the rupee gain. The rupee’s gain comes after three days of continuous losses in which it had lost a massive 181 paise, or 3.86 per cent.

In an active trade at the interbank foreign exchange market, the rupee opened lower at 48.85/86 a dollar from Tuesday’s close of 48.76/78. During the day it plunged by 40 paise to breach the 49-level. Finally, it ended at 48.06/08 a dollar, higher by 70 paise from its last close. — PTI

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