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Markets fall for 4th day in a row, ICICI Bank slumps

Markets fall for 4th day in a row, ICICI Bank slumps
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First Published: Tue, Mar 04 2008. 06 03 PM IST
Updated: Tue, Mar 04 2008. 06 03 PM IST
PTI
Mumbai: After the meltdown yesterday, the benchmark Sensex dropped another 338 points, stretching the downward trend for the fourth day in a row, with banking stocks sliding on reports of ICICI Bank reporting a marked-to-market loss of $264.34 million.
“Following the sub-prime crisis overseas, ICICI Bank’s overseas operations had reported marked-to-market losses of $264.34 million on account of its exposure to credit derivatives and investments as on 31 January 2008,” Minister of state for finance P K Bansal told Rajya Sahba in a written reply.
The 30-share Sensex on the Bombay Stock Exchange, which had plunged by over 900 points in previous day’s trading, dipped further by 337.99 points at 16,339.89.
The key index touched a low of 16,164.57 and a high of 16,754.06 points.
The Sensex, which has been on on downward march ever since the budgetary proposals for waiving farm loans were announced, has tumbled by nearly 1,486 points in the past four trading sessions.
The National Stock Exchange index Nifty also dropped by 88.75 points at 4,864.25, after dipping to a low of 4812.95 and day’s high of 4,976.70 points.
Mid-session update
The Bombay Stock Exchange benchmark Sensex plunged over 424 points at mid-session today on brisk selling by funds on concern that record-high commodity prices and the US economic slowdown will erode earnings.
The 30-share Sensex, which recorded the second biggest fall of over 900 points yesterday, tumbled by 424.30 points to 16,253.58 at mid-session.
The wide-based National Stock Exchange index, Nifty, also fell by 117.15 points to 4,835.85 after heavy-weight stocks in banking, capital goods, realty, metal and refinery segment fell sharply.
The fall in market was led by banking and refinery stocks as dollar weakened against leading currencies and crude continues to move above 100 dollars.
Morning
Mumbai: The Bombay Stock Exchange benchmark Sensex lost 85 points in early trade on 4 March on sustained selling by funds.
The 30-share index, Sensex, which had lost 901 points the previous day, fell further by 84.73 points to 16,593.15 in the first five minutes of trade.
Similarly, the wide-based National Stock Exchange index, Nifty, fell by 29.75 points to 4,923.25 as most of the heavy-weight stocks lost fresh ground.
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First Published: Tue, Mar 04 2008. 06 03 PM IST