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Sensex remains volatile with global trend, dips 216 pts

Sensex remains volatile with global trend, dips 216 pts
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First Published: Fri, Aug 17 2007. 04 54 PM IST
Updated: Fri, Aug 17 2007. 04 54 PM IST
Agencies
Closing
Mumbai: Tumbling Asian stock markets saw a wave of panic selling in the domestic markets and the benchmark Sensex to lose over 216 points on 17 August.
The Sensex, which plunged nearly 578 points during the day, remained volatile before ending with a loss of 216.69 points, or 1.5% at 14,141.52, after touching a level of 13,779.88. It had suffered a 642-point fall the previous day.
“I think correction is on its last leg and there could be a further correction of 400 to 500 points from the current level,” said Motilal Oswal, chairman, Motilal Oswal Financial. “It all depends on the US stock markets. It is a black-box and how much deep it is nobody knows,” he added.
The major fall came at mid-session on reports of a fall in Japanese stocks followed by a similar weakness in other Asian markets. A sharp reversal was seen towards the end as the London Stock Market revealed some gains at the opening.
Similarly, the wide-based National Stock Exchange index Nifty moved between 4,002.20 and 4,171.10 points before ending with a loss of 70.55 points at 4,108.05.
As the market remained in bearish mood, the metal index suffered the most, losing 488 points at 9,811.61, followed by PSU index by 186.87 points at 6,542.63. Capital goods index lost 184.66 points at 12,029.90 and auto by 101.32 points at 4,560.85.
Update at 1315 hours
The Sensex regained some ground in post noon trade and was back above 14,000 levels. The benchmark index was quoting 246 points down at 14,112 point at 1:15pm, bouncing back from a 578 point fall.
The Nifty, which was down 176 points, recovered to quote at 4111 points.
Late morning
Mumbai: The benchmark Sensex fell below 14,000-point level on the Bombay Stock Exchange in late morning deals on 17 August on heavy selling by foreign funds, triggered by a sudden fall in leading Asian markets.
The BSE-30 share index, which remained under pressure over global financial crunch, had a hefty fall of 440.11 points at 13,918.10 due to panic selling on reports of a steep fall in Japan’s benchmark index Nikkei.
The Sensex had recorded its second-biggest fall yesterday by tumbling over 642 points.
The wide-based National Stock Exchange’s Nifty tumbled by 125.90 at 4,052.70 as heavy-weights like Reliance industries, ICICI Bank and Infosys lost significant ground on selling pressure.
Mid-morning
Mumbai: Stock markets continued their downslide with the benchmark Sensex shedding another 251 points in morning trade on bearish Asian cues and fund withdrawal by foreign institutional investors.
Markets remained under pressure in the light of worries about the US subprime mortgage market, which is expected to lay adverse impact on global economy, brokers said.
The Bombay Stock Exchange (BSE) barometer opened lower at 14,309.37 and later dropped sharply to a low of 14,107.17, a loss of 251.04 points from the previous close of 14,358.21.
The Sensex later recovered modestly and was quoted at 14,191.60 at 10.30am.
Similarly, the broad-based S&P CNX Nifty of the National Stock Exchange (NSE) fell by 76.55 points to 4,102.05 from previous close of 4,178.60.
The Sensex had suffered the second biggest fall of 642 points in its second-biggest fall on 16 August.
Several hedge funds were believed to be heavy sellers to meet their redemption pressure.
Early morning
The markets continued their losing streak with the benchmark Sensex falling 221 points at the Bombay Stock Exchange on 17 August, extending the previous day’s 4% tumbling on US subprime mortgage worries.
The BSE 30-share index, which had closed 642 points down on 16 August in its second-biggest fall ever, opened weak at around 100 points down and slid a further 220.79 points to 14,132.79 in the first 10 minutes of trading.
Not a single Sensex stock was in positive zone.
Similarly, National Stock Exchange’s Nifty fell by 64.45 points to 4,116.17.
Marketmen said weak global markets on the US subprime worries led to the fall in the domestic markets.
Most index stocks were in the red with sizeable losses.
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First Published: Fri, Aug 17 2007. 04 54 PM IST
More Topics: Stocks | Sensex | Nifty | US Subprime | Dalal Street |