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Sensex extends losses to third day; falls 111 pts

Sensex extends losses to third day; falls 111 pts
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First Published: Wed, Nov 07 2007. 05 33 PM IST
Updated: Wed, Nov 07 2007. 05 33 PM IST
By PTI
Mumbai: The stock market on Wednesday fell for the third day in a row with the benchmark Sensex shedding another 111 points, despite sharp gains registered by heavyweights like Reliance Industries and State Bank of India.
The Bombay Stock Exchange’s 30-share Sensex settled at 19,289.83 points, down 110.84 points or 0.6% from its previous close of 19,400.67 points.
In a volatile trading session, the barometer index swayed over 400 points during the day between its intra-day high and low levels of 19,678.50 and 19,249.47 points respectively.
The sluggish mood in other Asian markets was named as the key factor behind today’s fall, while some traders also attributed it to profit booking ahead of Diwali.
The National Stock Exchange’s 50-share Nifty closed 4.15 points down at 5,782.35 points, from Tuesday’s close of 5,786.50.
However, shares of the country’s most valued firm RIL, which also carries the maximum weightage on the Sensex, defied the slide and gained about 4%. Another heavyweight SBI also rose by about 2.7%.
Rally in RIL shares was credited to fresh gas findings by the company in the Krishna Godavari offshore basin.
IT majors Infosys, Satyam and Wipro, telecom giants such as Reliance Communications and Bharti Airtel, state-run energy giant ONGC, Anil Ambani group’s REL and private sector banking majors ICICI Bank and HDFC Bank were among the prominent losers.
Late Morning Update
Mumbai: After initial gains in early trade, the benchmark Sensex fell by 109 points during morning dealings despite firm global cues.
Foreign Institutional Investors (FIIs) have been net sellers since Sebi announced the proposal to impose restrictions on Participatory Notes in mid-October.
Touching a high of 19,678.50 in the initial five minutes of trade, the BSE barometer dropped to 19,291.21, a loss of 109.46 points from previous close of 19,400.67.
The Sensex later was quoted at 19,291.21 at 10.30 am. The broader S&P CNX Nifty of the National Stock Exchange (NSE) also fell by 36.45 points to 5,750.05 at 10.30 am from previous close of 5,786.50.
Asian markets were strong during morning trade on the back of a positive turnaround in US stocks on 6 November amid worries over weak dollar as well as continued concerns over the turbulent financial sector.
Market Open
Mumbai: After remaining in the bear grip for two days the benchmark Sensex gathered momentum and rose by over 278 points in early trade on 7 November at the BSE on revival of buying by funds in heavy-weight stocks.
The BSE-30 share index, Sensex, which had witnessed a major correction of nearly 575 points in last two days, rebounded 277.83 points at 19,678.50 in first five minutes of trade.
Blue-chip stocks like ICICI, Reliance Industries and ONGC gained in early trade on 7 November and helped Sensex move northwards.
Similarly, the wide-based National Stock Exchange’s Nifty rose 74.85 points at 5,861.35. The trading sentiment was also encouraged by reports of a firming trend in global stock markets.
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First Published: Wed, Nov 07 2007. 05 33 PM IST
More Topics: Stocks | Sensex | Nifty | Markets | BSE |