Market down on weak global cues

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In the fourth straight weak session, the Bombay Stock Exchange benchmark Sensex fell further by 167 points on Thursday on heavy selling by funds, sparked by weak global trends.

The Sensex, which remained weak in past three trading sessions, ended lower by 167.29 points at 19,700.82, after touching the day's low of 19,643.76 and a high of 20,026.12 points.

The key index lost nearly 1,127 points in the last four sessions as foreign funds refrained from enlarging their positions in view of concerns of recession in US after major bank Citigroup revealed heavy losses following sub-prime mortgage crisis.

Similarly, the wide-based National Stock Exchange index Nifty lost 22.55 points at 5,913.20, after dipping to 5,880.30 points level as most of the index-related stocks led by refiners closed with losses.

Marketmen said fears of inflation in US kept the overseas investors away from stock markets, while retail investors liquidated from secondary markets to invest in the Reliance Power IPO.

They said reports of a slow-down in neighbouring China's economic growth also dampened the trading sentiment.

Oil and gas sector index suffered the most by losing 268.76 points at 13,381.37, followed by bank index by 192.71 points at 11,971.44.