The benchmark BSE Sensex on Wednesday fell by nearly 300 points to end day's trade at 27,208.61 due to heavy profit-booking, chiefly in IT, oil & gas and power shares, ignoring Government approving the ordinance route to implement insurance and coal reforms.
The BSE 30-share index traded in the positive terrain in early trade but could not to keep the gains and fell sharply o 27,208.61, a fall of 297.85 points or 1.08 per cent, due to selling pressure emerged in the last hour of day's trading. Meanwhile shares of companies in insurance sector gained as much as 4 per cent today after the Government approved the Ordinance route to implement insurance reforms.Reliance Capital gained 3.72 per cent, while Max India rose by 1.99 per cent and Aditya Birla Nuvo by 1.03 per cent on the BSE.Finance Minister Arun Jaitley expressed the hope that hiking of the foreign investment cap in the insurance sector to 49 per cent, which has been pending since 2008, will result in capital inflow of $ 6-8 billion.