Sensex extends losses, down 59 pts on global cues

Mumbai, Aug 17 (PTI) Continuing its downward journey forthe second straight day, BSE Sensex today fell over 59 pointsto end at 28,005.37 on selling mainly in IT, Oil&Gas, pharmacounters as participants remained cautious amid indicationthat US Fed could raise rates as early as September. The BSE benchmark index today opened marginally lower at28,061.79 and hovered in a range of 28,174.30 to 27,960.14before closing at 28,005.37, showing a fall of 59.24 points or0.21 per cent. The gauge had lost 87.79 points in the previoussession. The 50-issue Nifty fell 18.50 points or 0.21 per cent toclose at 8,624.05. Intra-day, it hovered between 8,667.10 and8,603.60. Of the 30-share Sensex pack, 15 today closed in the red. Anand James, Chief Market Strategist, Geojit BNP ParibasFinancial Services, said, "Comments from Fed presidentsplaying up chances of even a September US rate hike, keptglobal markets on a watch mode, especially with FOMC minutesdue for release later in the day." "Indian stocks continued to get picked up from lowerlevels, but with few immediate domestic triggers, buyers wereseen reluctant to chase prices higher," he added. Besides, the domestic market sentiment was affected bythe discouraging macro-economic data as wholesale inflationsoared to a 23-month high of 3.55 per cent in July, makinginvestors trim their positions. Globally, bourses witnessed caution among investors afterNew York Fed President William Dudley said the Fed could raiseinterest rates as soon as September, prompting participants topause after rallies in recent weeks. Asian markets like China, Hong Kong, Singapore, SouthKorea moved down by 0.02 per cent to 0.54 per cent. European shares also edged lower with key indices inFrance, Germany and the UK fell up to 0.68 per cent. More PTIDP KPS SDGMKJ