Markets end weak, Sensex below 17K

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The markets fell for the fifth straight session with the benchmark Sensex dropping 343.58 points to close below 17,000 points as a fresh surge in inflation dampened the trading sentiments.

The Bombay Stock Exchange 30-share Sensex, which had lost 520 points in last four trading sessions, dropped further 343.58 points at 16,737.07.

The key index touched the day's low of 16,678.94 and a high of 17,125.95 points.

The wide-based National Stock Exchange index Nifty also closed below crucial 5,000 points level after dropping 99.10 points at 4,982.60. It touched the day's low of 4969.40 and a high of 5087.65.

Markemen said crude oil prices rising to record 124.73 dollar a barrel sparked selling in oil and gas segment stocks on fears that it might trim profit margins of companies in oil business.

Selling pressure further picked up after reports that inflation scaled a 42-month high 7.61 per cent came out.