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Journalism of Courage
After staying away for a day, bears roared back into action on Wednesday. Stocks fell more than 2 per cent as foreign funds booked profits and investors stayed away ahead of a monthly expiry of derivatives contracts in the next session.
The volatile Sensex ended at 10,573.15 points or 250 points lower in a choppy trading session in which the market yo-yoed nearly 500 points.
The market is nervous that investors will roll over fewer positions in futures contracts to the next month, which would further dent sentiment in an already volatile market.
After falling 1,700 points in the previous three sessions, the Sensex had recovered by 341 points on Tuesday.
8216;8216;The fall is mainly due to repatriation of foreign funds who are booking profits and moving on,8217;8217; said Sean Darby, a senior analyst with Nomura International Hong Kong, a Hong Kong-based fund.
