Mkts fall on unabated foreign fund outflow

Erasing initial gains, benchmark indices Sensex and Nifty closed lower on Monday due to a sharp fall in Kotak Mahindra Bank and relentless foreign fund outflows.

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The 30-share Sensex declined by 73.48 points or 0.09 per cent to settle at 81,151.27 with 21 of its constituents ending lower and nine closing higher. The barometer shot up 545 points at the opening but succumbed to selling pressure later and hit a low of 80,811.23. The index gyrated 958.79 points between the day's high and the low level.