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Sensex down 118 pts

Mumbai: The benchmark sensex surrendered all of its initial gains and plunged further by 118 points to end at 18,376.48 on sustained selling by investors mainly in refinery and metal stocks amid narrowly mixed global cues.

Heavyweight Reliance industries turned negative, reversing initial gains on lack of triggers after chairman Mukesh Ambani said at the company`s 37th annual general meeting today that RIL has to confront challenges arising out of higher commodity and input prices and inflatonary trends.

The share price dropped by 1.65 per cent and was the major contributer to the sensex fall.

Selling in other sensex-based counters like HDFC, Hindalco, Jaipra Asso, Tata Motor, Jindal Steel, Sterlite Ind, BHEL, DLF, TCS and ITC too weighed negatively on the market.

The BSE-benchmark Sensex resumed higher at 18,554.40 and moved in a range of 18,672.65 and 18,345.85 before settling the day at 18,376.48, showing a net loss of 117.70 points, or 0.64 per cent.

The NSE`s 50-share Nifty also fell by 33.60 points or 0.61 per cent to end at 5,516.75 from its previous close.

Most Asian stocks fell ahead of critical unemployment market report in US later in the day. The key indices in South Korea, Hong kong, Japan, singapore fell by between 0.03 per cent to 1.31 per cent. However, from China and Taiwan rose by 0.61 per cent to 0.85 per cent.

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