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Markets end lower. Sterlite sees 7% cut

The Sensex snapped six-day gains to end below 17,000 on Monday as investors booked profits after the benchmark index surged 11.5% this month so far.

The 30-share Sensex ended at 16,863 down 371 points or 2.2% and the 50-share Nifty ended at 5,087 down 117 points or 2.3%. The Sensex and the Nifty reached an intra-day low of 16,828 levels and 4,707 mark, respectively.

Index heavyweight RIL dropped 3% on account of profit booking. The stock witnessed straight three days of gains last week triggered by the company announcing share buyback schedule. RIL announced that its share buyback programme will begin on 1 February 2012 and close on 19 January 2013.

BHEL was the top Sensex loser, down 11% after reporting a 7% year-on-year (y-o-y) drop in order inflows at Rs 146,500 crore at the end of December 2011 quarter. L&T has fallen by nearly 3%. L&T slumped by nearly 6%.

ICICI Bank declined 4% ahead of its third quarter results which are to be announced tomorrow. SBI, HDFC and HDFC Bank were down by between 1-3%.

From the Metal space, Sterlite, Hindalco, Tata Steel and Coal Indices plunged between 1-6%.

Telecom major Bharti Airtel declined by over 4%.



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