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Metal scrips drag Sensex down

MUMBAI: A steep setback in metal shares pulled down the Sensex sharply by 74.34 points, wiping out the two-day gains and closed at 6655.56 due to heavy institutional selling on the Bombay Stock Exchange here on Thursday.

The BSE benchmark 30-share sensitive index opened marginally better at 6733.46 against yesterday's close of 6729.90 and rose further to a high of 6756.62. Thereafter, it fell steeply and after touching an intra-day low of 6647.36, settled at 6655.56, revealing a heavy loss of 1.10 per cent over the last close.

Steel counters suffered sharply on heavy offering following the decision by some of the steel majors such as SAIL, Essar Steel and Ispat Industries to down steel prices with immediate effect along with firming up of dollar, brokers said. Besides steel, shares from most of the other segments such as IT, FMCG, bank and oil and gas also bore the brunt of heavy selling, they added. .

PTI

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