The Bombay Stock Exchange benchmark Sensex fell 127 points to 17,399.55 in late Friday morning trade as funds sold shares on concerns of projected moderation in economic growth.
The 30-share index has lost more than 1,100 points in the last two trading sessions.
The Sensex opened firm at 17.610.07 as against Thursday's close of 17,526.93, and touched a high of 17,688.73 following positive advices from Wall Street. However, it turned negative to quote at 17,399.55 at 10.45 am, a fall of 127.38 points. The broad-based S&P CNX Nifty of the National Stock Exchange also declined by 37.80 points to 5,095.45 at 10.45 am from overnight close of 5,133.25. Projection of a moderation in GDP growth from 9.6 per cent last fiscal to 8.7 per cent this year compelled operators and retail investors to book profits even at the current lower levels, brokers said. Foreign institutional investors continued their selling spree and sold shares to the tune of Rs 860.35 in cash segment on Thursday, while pulling out Rs 266.56 crore from derivatives. Contrary to the market trend, IT shares attracted good buying support and showed marked gains.
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