Steep drop in sensex

The markets extended their hefty losses for the second day on Thursday with the Sensex shedding over 300 points as stocks of realty, bank and consumer goods sectors came under heavy selling pressure following weak Asian cues and political uncertainty at the Centre.

The 30-share index on the Bombay Stock Exchange closed at 15087.99 against Wednesday’s close of 15422.31, a fall of 334.32 points.

Ranbaxy Labs, which announced settlement of most of its patent litigation over cholesterol lowering drug Lipitor with the U.S.-based Pfizer, was battered on the BSE with shares closing down by a significant 7.68 per cent.

Rupee falls

The rupee lost eight paise at 42.9650/9750 against the dollar on Thursday. At the interbank foreign exchange market, the rupee resumed lower at 42.92/94 and moved in a range of 42.92 and 42.98 before ending at 42.9650/9750 against Wednesday’s close of 42.88/89.