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Sensex drops 98 points

Investors prefer to stay away from risky assets

MUMBAI: The Bombay Stock Exchange benchmark index, Sensex, on Tuesday ended lower by nearly 98 points, led by Sterlite Industries, with investors preferring to stay away from risky assets amid weak global cues.

In tandem with weak world markets, the Sensex closed lower by 97.76 points at 18311.59.

The National Stock Exchange's 50-share Nifty index too shed 0.69 per cent to finish at 5505.10. Analysts said that worries of global economic recovery are weighing on market sentiment and a minor correction in the coming days could not be ruled out.

Mining major Sterlite Industries, a Vedanta Group entity, plunged 3.9 per cent to Rs.152.40, after the government rejected environment clearance to the group's $1.7 billion bauxite mining project in Orissa. Sterlite was the worst hit stock in the Sensex pack.

Rupee declines

The rupee on Tuesday weakened by 26 paise to 46.90/91 a dollar due to increased dollar demand from importers. It ended at 46.64/65 on Monday. — PTI

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