Sensex fails to hold initial gains, down 185 pts

The benchmark BSE Sensex today failed to hold the initial gains by falling 185 points in morning trade after the US Federal Reserve announced plans to cut its monthly bond purchase programme by USD 10 billion.
After rising to 21,017.45 at open, the BSE Sensex fell back sharply to trade lower by 185.10 points, or 0.89 per cent, to 20,674.76 at 1000 hours.
The US Federal Reserve said it will cut its monthly stimulus programme by USD 10 billion, bringing it down to USD 75 billion.
Selling pressure was seen in banking, capital goods and oil and gas sector index.

Similarly, the National Stock Exchange index Nifty declined by 61.45 pints, or 0.99 per cent, to 6,155.70.
The 30-share index Sensex had gained 247.72 points in yesterday's trade following RBI decision to keep interest unchanged.