Sensex slips over 240 points as elections enter final lap

The 30-share market barometer opened lower at 12,092.97 and touched the day's high of 12,180.07 during the morning session before beginning its slide, triggered by profit taking by jittery investors who are bracing for a fractured mandate on May 16 when the national elections result will be announced.

During the afternoon session, the Sensex slipped to the day's low of 11,765.06 but rallied briefly towards the closing session and finally settled at 11,876.43.

Despite Friday's decline, the prime index added 4.29 percent during the week and is up 21.44 this year, after slumping nearly 52 percent in 2008, a year marked by economic downturn, credit squeeze, rising inflation and high global crude prices.

Only four components could notch gains on Friday even as the losing pack was led by technology outsourcer Wipro, which fell 6.59 percent to close down at Rs.355.

Bigger rival Infosys Technologies sank 2.14 percent.