TODAY SEEN AFTER 01.00PMDomestic market pared all its initial gains to close the day on downbeat note on sustained selling pressure witnessed in key stocks. Market turned southward and continued to extend losses tracking lower European markets along with weak US index futures that led selling pressure in the domestic bourses. However, market was firm during the early trading as the Asian stocks were higher on strong Chinese manufacturing sector data. The China's Purchasing Managers' Index increased to a seasonally adjusted 54 in August from 53.3 in July. Meanwhile, India's exports dropped by 28.4 per cent in July as against the same month last year. The BSE Sensex ended below 15,600 level and NSE Nifty closed below 4,650 mark. The market today opened significantly higher along with other Asian markets. Moreover, the US stock markets closed lower on Monday due to sustained selling pressure led by Chinese market that plunged yesterday on worries about the impact of fragile bank lending on the economy. Further, Indian benchmark indices continued to trade in positive terrain till mid session on significant buying emerged across the board. However, market was unable to hold the momentum and gave up all gains in line with unfavorable European stocks. Profit booking at higher level forced market to extend last session's weakness and close with losses. From the sectoral front, most of the selling was witnessed in Realty, Metal, Power, Capital Goods, Pharma and PSU stocks. BSE Midcap and Smallcap stocks also remained out of favour. However, Auto and IT stocks were unable to gain favour from the market.
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