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Markets end in red, Sensex sheds 334 points
June, 19th 2008

The markets extended their hefty losses for the second day on Thursday with the benchmark Sensex shedding over 300 points as realty, bank and consumer goods came under heavy selling pressure following weak Asian cues and political uncertainty at the Centre.

The 30-share barometer on the Bombay Stock Exchange closed the day at 15,087.99 points, a fall of 334.32 points, or 2.17 per cent, from its previous close.

The broader 50-share S&P CNX Nifty of the National Stock Exchange also dropped 78.15 points, or 1.71 per cent, to close at 4,504.25.
Ranbaxy Labs, which on Wednesday announced settlement of most of its patent litigation over cholesterol lowering drug Lipitor with US-based Pfizer, was battered on BSE with shares closing down by a significant 7.68 per cent.

Rel Infra was the second biggest loser at 5.68 per cent. BHEL and L&T were the other prominent losers among elite club at 5.04 per cent and 4.84 per cent respectively.

The country's largest private sector lender ICICI Bank also took a hit of 4.08 per cent.

In Asian markets, key indices China, Hong Kong, Japan, South Korea, Singapore and Taiwan were down by 1.88 per cent to 6.54 per cent.

The Asian bourses took cues from the Dow Jones Industrial Average which hit its lowest level in three months as worries about a weak US economy, compounded by credit sector concerns. The negative factors dragged down shares in banks, autos and transport firms in Asian markets.

Weakness in European markets in their early trade also added to selling pressure. Key indices in UK, France and Germany were down in the range of by 0.03 per cent to 0.77 per cent.

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