Sensex closes nearly 300 points down on heavy profit booking

Mumbai: The BSE Sensex fell 1.74 percent on Friday to close below the 17000-mark today, snapping a three-day winning streak, on profit booking- especially in metal and refinery stocks - and renewed concerns over the health of the US economy.

The main 30-share BSE index ended down 298.57 points at 16,866.97 points, with 23 of its components closing in the red.During the day trade, the index touched high of 17,211.80 and a low of 16,849.27 points.

[caption id=“attachment_80295” align=“alignleft” width=“380” caption=“During the day trade, the index touched high of 17,211.80 and a low of 16,849.27 points. Reuters”]  [/caption]

The broad-based National Stock Exchange index Nifty lost 93.80 points to 5,059.45, after moving between 5,163.75 and 5,046.80.

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A weak trend in the Asian region and lower opening in Europe before a meeting of Group of Seven rich nations on deepening economic worries influenced the trading sentiments, brokers said.

Foreign investors remained jittery after a speech by the US Fed chief lacked details on plans to spur economic growth following a jobs package plan by US President Barack Obama last night.

Steelmakers suffered major losses after the ministry lowered its forecast for demand growth. Refinery stocks led by the most weighted Reliance Industries (RIL) fell on emergence of profit selling.

Agencies