Sensex falls 350 points from high, Nifty holds near 23,200

Indian markets pared gains on September 17, with the Sensex falling 350 points from its day's high and the Nifty hovering near 23,200 points. Profit booking, the US Fed's 25-basis-point rate hike and liquidity being absorbed by the crowded IPO pipeline weighed on sentiment. Analysts see 23,300 as a key level for the Nifty.