Sensex down 118 pts; RIL loses over 3 per cent

Mumbai, Dec 7 (PTI) The Bombay Stock Exchange benchmark
Sensex Monday lost over 110 points to close below 17,000-point
level on brisk selling due to a steep fall on Dubai bourses,
signaling that worries of debt crisis are persisting.

Extending the losses for the second day in a row, the
Sensex declined by 118.40 points to end the day at 16,983.14.
Market was down by 84 points on Friday. Metal and realty
counters came under severe selling pressure.
Market had regained the 17,000-level early last week
after a rally sparked by India's stunning economic growth of
7.9 per cent in the second quarter. But it was mainly remained
range-bound in the absence of global or domestic triggers for
rest of the week.
The wide-based National Stock Exchange index Nifty also
dropped 42.20 points to close at 5,066.70.
Dubai state investment holding company Dubai World on
November 27 seeking for extension till May next year for
repayment of debts totalling USD 59 billion had spooked
investor confidence worldwide. Global exchanges, including
Indian bourses, fell sharply, eroding value of shares
following the debt crisis.
Brokers said the sentiment turned bearish on reports of
Dubai market tumbling again Monday, ahead of the Dubai World
meeting with the creditors during the day. Lower opening in
Europe further fuelled the selling pressure.
Besides metal and realty, sectoral indices of which lost
3.29 pe cent and 2.44 per cent respectively, oil and gas, auto
shares were also under pressure. (MORE) PTI RS
MYR


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