Sensex ends 36 pts down as banking stocks plunge

Sensex ends 36 pts down as banking stocks plunge
PTI
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First Published: Mon, Apr 30 2007. 05 06 PM IST
Updated: Mon, Apr 30 2007. 05 06 PM IST
The benchmark BSE Sensex ended 36 points down today on selling by funds, particularly in banking stocks after ICICI Bank posted lower-than-expected fourth quarter earnings.
The 30-share Sensex, which fell by more than 200 points early in the day, staged a strong comeback toward the fag-end of the session on emergence of buying at lower levels along with short-covering. The index ended 36.21 points down at 13,872.37 points. It had lost 320.30 points on 27 April.
However, on the wide-based National Stock Exchange, Nifty ended in the positive zone with a marginal gain of 4.40 points at 4,087.90 after dipping to 4,028.90 points earlier in the session.
Stock brokers said shares of major banks came under selling pressure and plunged between 2-10% after ICICI Bank posted lower-than-expected fourth quarter results, triggering selling.
Besides, concerns of capital raising plans by the country’s second largest lender dampened trading sentiments.
With the effect, the BSE banking index dropped by 203.99 points, or 2.88% at 6,882.89 points.
Shares of ICICI Bank plunged Rs 67.75 at Rs 865.90, HDFC Bank by Rs 9.65 at Rs 1026.15 and Oriental Bank of Commerce by Rs 16.10 at Rs 197.15.
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First Published: Mon, Apr 30 2007. 05 06 PM IST
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