Sensex down 70 points as profit-taking emerges

GOING DOWN: After rising by over 379 points in early trade, Sensex fell 70 points on Tuesday.

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Mumbai: After rising by over 379 points in early trade, the Bombay Stock Exchange benchmark Sensex fell back to quote in the negative territory with a fall of 70 points at 1115 hrs on Tuesday due to profit-taking by speculators as well as retail investors.

The 30-share index was ruling 70.62 points down at 11,730.08 points at 1115 hrs after most of the heavy-weight stocks were trading in the negative zone as profit-taking wiped-off initial gains.

On the other hand, the wide-based National Stock Exchange's Nifty was still up marginally by 4.50 points at 3,606.85 after rising to 3732.65 points in early trade.

Major losers which dragged the Sensex down were engineering giant, Larsen and Toubro which tumbled by Rs 78.25, or 7.22 per cent at Rs 1,005, State Bank of India down by Rs 15.95, or 1.11 per cent at Rs 1,418.05, Sterlite Industries fell Rs 10.55, or 3.15 per cent at Rs 324.80 and ICICI Bank lost Rs 18.70, or 3.81 per cent at Rs 471.75.

Bourses commenced on a strong footing following market regulator SEBI's move to lift curbs on foreign institutional investors (FIIs) imposed a year ago and a 50 basis points cut in Cash Reserve Ratio by the Reserve Bank of India, buoyed the trading sentiment.

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