Sensex ends below 17K

The BSE barometer settled the day at 16,998.78,netting a fall of 51.87 points or 0.30 per cent from its previous close.

India8217;s largest private sector firm Reliance industries fell 1.47 per cent after its AGM yesterday set the record date for a liberal bonus issue and indicated an overseas acquisition in the near future.

The market turned cautious at the current higher levels anticipating a healthy correction following a 1,753-point,or 11 per cent,surge from a low of 15,330.56 on November 3.

Banking stocks led by private lender ICICI Bank fell over fears of a new set of rules spearheaded by G-20 countries that would require banks to keep far more capital than before.

Metal shares,however,attracted fairly heavy buying support. Steel conglomerate Tata Steel gained 1.68 per cent Ispat Industries 4.21 per cent and JSW Steel 4.03 per cent.

The midcap and smallcap stocks also caught the fancy of investors during the day.

Infosys Technologies extended gains for the second straight day following a surge in its ADR in American market.