Sensex ends 176.34 points down

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{image-sensex, big_08072008.jpg www.oneindia.com}Mumbai, Jul 8: The benchmark index of the Bombay Stock Exchange on Tuesday, July 8 recovered from early lows on short coverings and settled 176.34 points down at 13,349.65 after the Left Front announced its withdrawal from the Congress-led UPA government at the centre.

Sensex resumed the session with a negative gap of 233.19 at 13,292.80 from its previous close of 13,526 and further slid to a day's low of 13,049.96, dropping over 476 points on selling pressure, triggered by negative global cues in early trade. However, it came off from the lows after the Left Front pulled out its support to United Progressive Alliance government over differences on the long standing Indo-US Civil Nuclear deal, marketmen observed.

FMCG, consumer durables and IT stocks closed down by 2-3 per cent though they recovered from their early lows during the day, while capital goods and power stocks climbed marginally. Overall, the market breadth was negative.

''The investors including domestic and institutional came in on the hopes that the UPA government might sustain even after the Left Front withdrawal and this boosted the short covering in the second half of the trading session,'' Birla Sun Life Insurance's Chief Investment Officer Vikram Kotak said.

Broader base Nifty index of National Stock Exchange ended 41.45 points down at 3,988.55, coming off from a day's low of 3,896.05.

Mid-Cap and Small cap ended the sesion slightly down by 0.45 per cent at 5,315.99 and 6,562.62 respectively. A turnover of Rs 4,632 crore was quoted on BSE.

UNI

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