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Sensex sheds 128 points

MUMBAI: The Sensex went into a tailspin on Wednesday and declined by 128 points to 14003.03. After opening with a marginal gain of about nine points, the Sensex remained in the red for nearly the entire trading session and the downward pressure increased even further toward the end of the trading session.

The recent sell-off by foreign institutional investors and a slide in global markets weighed on market sentiment. Asian markets too closed with losses.

A number of banking and financial services stocks, led by SBI and HDFC, fell sharply in anticipation that any hike in interest rates would hit the demand for their loan products. — PTI

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