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Sensex sheds 571 pts

Mumbai, July 3
Markets collapsed today a day ahead of the release of next inflation data with heavy selling pressure returning with a vengeance to knock down Sensex by a hefty over 570 points, as if to prove yesterday's strong rise was only a flash in the pan and stability is still long way.

The 30-share index on the Bombay Stock Exchange ended the day a little above 13k level at 13,094.11, a huge fall of 570.51 points, or 4.18 per cent from its last close, as heavyweights in metal, realty and banking counters came again under heavy selling.

A partial recovery in blue-chips RIL, ICICI Bank and SBI helped the BSE barometer come off intra-day lows in the afternoon trade but they once again came under pressure, strengthening the bearish mood.

The Sensex hit the intra-day low of 12,934.92, a loss of 729.70 points,l or 4.18 per cent, from yesterday's close.

Similarly, the 50-share S&P CNX Nifty of the National Stock Exchange fell back by 167.60 points or 4.09 per cent to close at 3,925.75 from its last close.

Marketmen said investors are awaiting with bated breath the next inflation data which will be released tomorrow and any further rise in inflation may pull down the Sensex to 12,000 level.

Brokers said a fresh surge in crude prices that breached $145 a barrel level for the first time in Asian early trade created a flutter in stocks.

Analysts observed the market may not see stability unless the world oil prices start easing in the near future.

Markets had shown signs of stability as there were signs emanating from New Delhi that after all government may not fall with Samajwadi Party giving hints of supporting the UPA government. PTI

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