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The Sensex, which gained 135 points in the last two sessions, fell by 110.97 points to 9,090.88. In choppy trading, the key index moved between 9,247.09 and 9,017.08 points during the day.
Among the 30 Sensex constituents, eight stocks ended with gains while 22 closed with small to notable losses as buying in metals and shipping stocks continued to check any fall in sentiment.
The 50-share National Stock Exchange index Nifty fell by 23.00 points to 2,780.05, after touching the day's high of 2,816.80 and a low of 2,754.85 points.
Marketmen said declining inflation failed to bolster sentiment, with talk of more rate cuts seen as hurting profit margins of banks.
They said there was no major factor to move the market and it might oscillate in a narrow range for now. Massive job cuts were another dampening factor, they added.
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