Markets sulk again; indices close sharply lower

Markets ended the day sharply lower today on selling by foreign funds and on weak global cues. The BSE Sensex closed the day lower by 264 points at 17, 222 points, while the Nifty ended the day lower by 88 points at 5234 points.

Metals stocks like Hindalco bore the brunt of some large scale selling with the stock tanking almost 6%. Among the other stocks that lost ground today were IDFC, Cairn India and Jaiprakash Associates.

Among the few gainers today were Ranbaxy Laboratories, Dr Reddy's Cipla and HUL.

Global weakness, particularly in Asia saw the indices drift lower. Investors are now waiting for key events during the week including the industrial data to be delivered on Thursday and Infosys' numbers to be announced on Friday.

The markets are mainly expected to take cues from global markets during the course of the week. Concerns on the economy continue to play on the mind of investors, including the fiscal deficit, the current account deficit and high interest rates.

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