Sensex sheds 138 points

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MUMBAI: Metal, IT and FMCG counters bore the brunt of selling on Wednesday as the Bombay Stock Exchange benchmark Sensex closed 138 points lower despite good institutional buying amid narrowly mixed global trends.

Doubts over government formation continued to daunt market sentiment as wary operators and retail investors booked profits at higher levels after the recent bull-run, a broker said.

The BSE 30-share barometer touched a low of 11934.44 in early afternoon trade but recovered to a high of 12256.43 before closing at 12019.65, revealing a fall of 138.38 points or 1.14 per cent from its previous close.

The 50-share Nifty of the National Stock Exchange moved erratically before concluding at 3635.25, a decline of 45.85 points or 1.25 per cent from the last close.

Sharp fall in rupee

The rupee on Wednesday fell sharply by 40 paise to close at 49.70/71 against the dollar following weakness in domestic equity markets amid dollar demand from banks. It closed at 49.30/31 on Tuesday.

In active trading at the interbank foreign exchange market, the domestic unit resumed higher at 49.25/28 and touched a high of 49.23. It later reached a low of 49.72 a dollar before concluding at 49.70/71.

The rupee was up by 20 paise on May 12.

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