BSE Sensex continues downslide, loses 118 points on profit booking

The 30-share benchmark sensitivity index slipped 117.89 points to 17,373.01, with 18 components closing lower. The index touched an intraday high of 17,502.15 and a low of 17,237.68.

The index, which hit a record high of 21,206.77 on Jan. 10 and climbed 10.5 percent in April, is down nearly 14.5 percent this year.

The day's biggest losers were telecom major Bharti Airtel and real estate giant DLF which plunged 5.29 percent and 5.26 percent respectively to Rs.846.60 and Rs.667.95.

Airtel fell on news that the firm was planning to buy a stake in South African telecom operator, MTN Group.

Engineering and construction major Larsen & Toubro (L&T), India's largest private lender ICICI Bank and top listed petro-chemical refiner Reliance Industries (RIL) slid 2.30 percent, 0.55 percent and 0.42 percent to Rs.3061.15, Rs.928.05 and Rs.2654.40 respectively. The three stocks account for almost half of the weight of the index.

Auto majors Maruti Suzuki, Mahindra & Mahindra and Tata Motors dropped 2.23 percent, 1.99 percent and 0.55 percent to Rs.766.90, Rs.664 and Rs.681.80 respectively.

India's biggest bank, state-run State Bank of India ended down 1.29 percent to Rs.1756.20.

Other losers were Jaiprakash Associates (down 5.15 percent to Rs.271.90), Reliance Infrastructure (down 4.92 percent to Rs.1422.30), BHEL (down 2.47 percent to Rs.1860.45), ACC (down 2.20 percent to Rs.741.10), Reliance Communications (down 1.98 percent to Rs.543.30), NTPC (down 1.28 percent to Rs.195.95), Grasim Industries (down 1.13 percent to Rs.2357.05), Hindalco (down 0.87 percent to Rs.181.85) and Ranbaxy Laboratories (down 0.68 percent to Rs.474.95).

IT stocks had a field day with Satyam Computer Services, Infosys Technologies, Wipro and Tata Consultancy Services (TCS) surging 1.96 percent, 1.84 percent, 1.70 percent and 1.44 percent respectively to Rs.497.05, Rs.1820.30, Rs.498.45 and Rs.937.85.