Sensex posts third biggest fall ever, sheds 678 points

Sensex posts third biggest fall ever, sheds 678 points
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First Published: Wed, Nov 21 2007. 05 05 PM IST
Updated: Wed, Nov 21 2007. 05 05 PM IST
Closing
Mumbai: Stock market today went into a tailspin with the benchmark Sensex registering its third biggest fall of 678.18 points on heavy selling of stocks in metal and capital goods sector.
Crude oil reaching a record high of more than $99 a barrel and weak global trend affected the trading sentiments in the domestic market.
The BSE barometer opened lower at 19,197.57 and gradually moved downward to intra-day low of 18,515.30. However, it recovered a bit to close at one-week low of 18,602.62, a fall 678.18 points from yesterday’s close of 19,280.80.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) also fell by 219.85 points to close at 5,561.05 from previous close of 5,780.90.
Bhel closed 6.3% deep in red at Rs2,486.10, L&T 5.25% at Rs4,108.60, RIL 2.33% at Rs2,722, NTPC 8.03% at Rs239.50 and Tata Steel 4.3% at Rs822.
The Sensex registered the biggest absolute fall of 826.38 points on 18 May, 2006, followed by the second-largest loss of 717.43 points on 18 October this year.
Marketmen said that bulls resorted to heavy unloading of long outstanding positions, reacting negatively to skyrocketing crude prices and weak global cues coupled with reports about a likely hike in securities transaction tax (STT).
According to provisional data, FIIs were the net sellers of equity worth Rs 26.80 crore on 19 November.
Late Afternoon
Mumbai: Sensex tumbled by 766 points in fag-end trading today on frantic selling by funds in heavy-weight stocks in metal and capital good sectors, induced by crude oil reaching closer to USD 100 a barrel mark.
The BSE barometer lost 765.50 to 18,515.30 at 1500 hours on panic selling in blue-chip stocks such as Reliance Industries, Bhel, Larsen and Toubro, Infosys and ACC.
The wide-based National Stock Exchange’s Nifty dropped by 250.05 points at 5,530.85.
Crude oil surged to more than $99 a barrel in the international market, weakening investors’ sentiment further, marketmen said. PTI
Afternoon
Mumbai: Indian share prices fell more than two percent in mid-day trade on Wednesday in line with other Asian markets on concerns about the US economy, dealers said.
They said sentiment across Asia was hit after the Federal Reserve cut US economic growth projections. It estimated growth next year of 1.8 to 2.5%, down from 2.5 to 2.75%.
Sensex was trading at 18,956.04, down 324.46 points and the broad-based Nifty was at 5,692.30, down 88.60 at 1302 hours.
At midday the benchmark 30-share Sensex index was down 398.87 points or 2.07% to 18,881.93.
“Sentiment continues to be hurt by reports coming out of the US. We do not rule out further corrections in the coming days,” said a dealer with brokerage Jamnadas Morarjee.AFP
Opening
Mumbai: Tracking weak global trend, the Sensex lost 210 points in early trade today on selling by funds in heavy-weight stocks like Reliance Industries and Infosys.
The 30-share index, Sensex, which had recorded a fall of over 352 points yesterday, shed 210.25 points to 19,070.52 in the first five minutes of trade.
The wide-based National Stock Exchange’s index, Nifty fell by 72 points at 5,708.90 points.
Marketmen said trading sentiment remained subdued on weak global stock markets.
The Hong Kong share market opened lower today, down 1.78%, on worries over continuing volatility in the US market and rising crude oil prices, they added. PTI
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First Published: Wed, Nov 21 2007. 05 05 PM IST
More Topics: Stocks | Shares | BSE | Sensex | Nifty |