Mumbai: The Bombay Stock Exchange benchmark Sensex on Friday fell by 75 points as investors encashed two days of gains amid concerns over slowing economic growth, although overseas markets showed a firm trend.
Sensex, which gained over 638 points in the last two sessions, fell 74.66 points to 15,738.70. It moved between 15,911.23 and 15,671.28.
The 50-scrip NSE index Nifty fell 19.85 to 4,714, after shuttling between 4,763.45 and 4,693.20.
Brokers said investors booked profits amid foreign funds squaring up positions ahead of the New Year.
The market sentiment also dampened after global equity research firm CLSA cut its forecast for India’s economic growth for the next fiscal to 6.7 percent.
Selling pressure was so strong that a firm trend in Asian markets and higher openings in Europe failed to enthuse investors.
Sensex has dropped 23 percent this year on a string of investor concerns - weak global and domestic economic growth outlook, inflation, high interest rates, the falling rupee and lack of reform initiatives.
RIL and Infosys, the top Sensex heavyweights, fell sharply. RIL dropped 1.10 percent, while Infosys fell by 0.73 percent.
Other major losers included Bajaj Auto, Bharti Airtel, DLF, HDFC Bank, ICICI Bank, SBI, Jindal Steel, Tata Steel, NTPC and ONGC.
The consumer durables index suffered the most by falling 1.15 percent to 5,328.28, followed by oil and gas - down 1.05 percent to 7,926.15. The banking index lost 1.04 percent to 9,529.86 and the metal index by 0.42 percent to 9,531.62.