New Delhi: The markets on Friday opened in red and throughout the day made attempts to move in the positive terrain but saw a heavy sell off in the final hour of trade to closed with a sharp cut.
The benchmark Sensex on the Bombay Stock Exchange fell further by 122 points on sustained selling by funds to liquidate part of their positions to invest in upcoming mega public issues.
The profit selling by funds pulled down the Sensex by 122.37 points at 14,063.81, which moved between 14,229.22 and 14,010.61 points on alternate bouts of trading.
Similarly, the wide-based National Stock Exchange's index Nifty lost 34.50 points at 4,145. It moved between 4,195.15 and 4,126.10 points.
The fall was inline with equity markets across Asia. Although the inflation numbers came in as a good news but failed to keep markets up.
Most of the market players were winding up part of their portfolios to invest in attractive mega issues such as DLF Ltd and ICICI Bank, marketmen said. The market would experience a series of IPOs - worth nearly Rs 20,000 crore - this month.
The market, which came in positive zone during the day on reports of easing inflation, again turned week as selling pressure was high. The Sensex lost 470 points in last four trading sessions.
Weakening global stock markets also had a negative impact on the trading sentiment. All 10 industry groups of the Morgan Stanley Capital International Asia-Pacific Index retreated, sending the regional benchmark to its biggest loss in seven weeks.
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