Our Bureau

Mumbai, Dec. 18 Selling pressure continued on the bourses on the second day as FIIs turned net sellers.

Benchmark index Sensex dipped 0.49 per cent and closed the day at 19,079.64 losing 181.71 points, whereas S&P CNX Nifty fell further by 0.60 per cent and closed at 5,742.30.

“Tuesday was a continuation of Monday’s fall and there was nervousness in the market, which was largely due to concerns of the US economy slowdown”, said Ms Shahina Mukadam, Head-Research, IDBI Capital Market Services Ltd.

Global markets also opened weak with Dow Jones falling by 1.29 per cent, Nasdaq fell by 2.32 per cent and Nikkei dipping by 0.27 per cent. FII were net sellers to the tune of Rs 2,736.48 crore, whereas domestic institutions were net buyers to the tune of Rs 659.15 crore.

“Foreign institutional investors want to book profits to cover their sub-prime losses before Christmas”, said Mr Sanjay Someshwar, sub-broker, Ventura securities.

The market breadth was negative with 1,392 stocks advancing and 976 stocks declining. Major sectoral indices were in the red. “Some of the stocks had gone substantially higher and it seems that they are getting corrected now, which is causing some nervousness in the markets”, said Mr Harendra Kumar, Head-Research, ICICI direct.

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