Mumbai, Dec. 1: Stocks opened strong today but surrendered their gains on weak global cues and over fears of a slowdown. The Mumbai blasts cast its shadow, with investors keeping track of the political developments.

The BSE sensex, which at one point of time had gained 234 points, reversed direction to end lower by 252.85 points at 8839.87.

With Prime Minister Manmohan Singh deciding to hold the reins of the finance ministry, investors were expecting more reforms, which pushed the benchmark index to an intra-day high of 9326.68.

However, selling started in late noon as European bourses opened in the red and the US index futures reported losses.

Moreover, the 12 per cent contraction in exports fuelled fresh worries.

There was heavy selling in interest-rate sensitive sectors such as realty. Banking stocks, too, ended in the red.

Auto shares faltered because of weak sales last month. The auto index fell 4.64 per cent.