Sensex ends with losses, fails to keep early lead

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Mumbai: Benchmark Sensex extended losses for the third straight session Wednesday, falling 169 points to end at a near two-month low of 37,121.22 as cautious investors pared their portfolios, ignoring positive global cues and recovery in rupee. Stocks saw a positive start as the Sensex touched a high of 37,530.63 intra-day in tune with the rupee recovering from its record low.

However, the index turned weak in late-afternoon trade and closed lower by 169.45 points, or 0.45 per cent, at 37,121.22. This is its lowest closing since July 26 when it  had finished at 36,984.64. The 30-scrip gauge had lost about 800 points in the previous two sessions, largely dragged down by rupee woes, unabated foreign fund outflows and escalating trade tensions between the US and China.

The NSE Nifty closed lower by 44.55 points, or 0.39 per cent, at 11,234.35. Intra-day, it shuttled between 11,332.05 and 11,210.90. The rupee appreciated 49 paise intra-day against the dollar to 72.49. Overall sentiment remained cautious amid the US-China trade conflict and surging crude oil prices, brokers said. There were no signs of change in trading preference of foreign portfolio investors who net sold shares worth Rs 1,143.73 crore Tuesday. Domestic institutional investors (DIIs) picked up equities worth a net Rs 264.66 crore, according to provisional data.