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Stock markets continue to fall, Sensex falls by 276 points

Mumbai, May 11 (Agency)

The decline in the stock markets continued for the fourth consecutive trading session on Wednesday. The 30-share Sensex of BSE, after losing the initial gains, finally ended with a loss of 276.46 points and started moving towards the level of 54,000. Sensex suffered losses due to heavy selling in shares of giants Reliance Industries and Infosys. Besides, continued selloff by foreign institutional investors and buoyancy in crude oil also weighed on the trading sentiment. Although the Sensex started with gains, it soon lost its momentum. During the trading, it had come down to the level of 53,519.30 points with a fall of 845.55 points at one time. But at the end of trading, it closed at 54,088.39, with a loss of 276.46 points, or 0.51 percent. Similarly, the Nifty of the National Stock Exchange also slipped 72.95 points, or 0.45 percent, to 16,167.10. S Ranganathan, Head of Research, Lakapi Securities said, “The benchmark indices witnessed significant volatility ahead of the CPI-based inflation and industrial production (IIP) data coming out this week. Many stocks were hit hard in the broader market.

Meanwhile, international oil benchmark Brent crude rose 3.12 per cent to $105.7 per barrel. The process of withdrawal of foreign investors from the Indian markets continues. According to available data, foreign investors sold shares worth Rs 3,960.59 crore on Tuesday.

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