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Sensex extends losses

MUMBAI: The stock markets continued to be bearish with the benchmark Sensex of the Bombay Stock Exchange extending its losses for the third straight day by paring over 300 points due to global weakness and in the absence of any major trigger.

Marketmen said investors continued to lighten their commitments rather than rolling over to next derivatives contract beginning February 1 after a disappointing monetary policy.

The market expected a cut in interest rates on the lines of the U.S. Federal Reserve rate cut. After a promising start, the 30-share BSE barometer gradually moved downwards to settle at 17758.64, a net fall of 333.30 points, or 1.84 per cent, from the last close of 18091.94.

All refinery shares, including heavyweights Reliance Industries and ONGC, dropped sharply by 4.12 per cent and 4.94 per cent, respectively, on heavy selling. — PTI

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