Sensex closes 71 points down

Overnight recovery proved to be short-lived as the benchmark Sensex continued its downward spiral and ended down by 71 points at 17,059.40 as cautious investors booked profits in select key counters due to steep rise in food inflation, despite rise in European stocks.The sensex settled the day at 17,059.40, showing a fall of 71.11 points or 0.42 per cent. On on Wednesday, it had gained by 272.60 points or 1.62 per cent. The broad-based NSE 50-issue Nifty also declined by 22.70 points or 0.44 per cent to end at 5,138.30. The Bombay Stock Exchange 30-share barometer opened weak on negative cues from Asian markets on the back of steep loss on Wall Street on Wenesday. From / Gulf Today