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Sensex loses 114 points

MUMBAI: The benchmark Sensex on Thursday ended 114 points lower in sustained volatility as stocks beat a hasty retreat after an initial surge, due to late sell-off by operators and foreign institutional investors (FIIs) amid weakness in Asian markets.

Attributing the early rally of 366 points to the rate cut by the U.S. Federal Reserve on Wednesday, market players said the 25 basis point cut was already factored in during the last few days and a downward correction was long overdue.

The Bombay Stock Exchange barometer fell sharply after rising to the intra-day high of 20204.21 and ended the day at 19724.35, down by 113.64 points from Wednesday’s close of 19837.99. The Sensex had risen by 2624 points to an all-time high of 20238.16 after the Securities and Exchange Board of India decided late last month to allow registration of proprietary sub-accounts of FIIs and make FIIs registration faster and simpler, setting at rest FIIs’ concerns over the PN restrictions. The S&P CNX Nifty of the National Stock Exchange crossed the 6000 level but later fell back to close at 5866.45 against 5900.65, a net loss of 34.20 points. — PTI

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