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Sensex takes a plunge, closes down at 18,048

Sensex takes a plunge, closes down at 18,048
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First Published: Mon, Feb 18 2008. 04 19 PM IST
Updated: Mon, Feb 18 2008. 04 19 PM IST
Closing
Mumbai: Snapping a four-day long upward march, the Bombay Stock Exchange benchmark Sensex on Monday ended lower by over 67 points, with funds and investors indulging in profit selling at higher levels.
The 30-share Sensex closed the day with a loss of 67.20 points at 18,048.05 with heavyweights Reliance Industries, Infosys, Tata Steel and State Bank of India yielding notable ground.
Earlier, the key index had commenced the day stronger by 142 points on hectic buying by retail investors after Reliance Power revealed its plans of a bonus issue to its share holders.
The Sensex touched the day’s high of 18,256.82 and a low of 17,900.96 during the day as volatility gripped the market on the back of a steep rise in the recently-listed Anil Ambani’s Reliance Power plans to offer a bonus issue to its shares-holders, excluding its promoters.
Reliance Industries, the largest refining company by market value, fell for the first day after gaining 14% in the past five sessions. State-run Oil and Natural Gas Corp too lost after advancing more than 10% in the last 3 sessions.
State Bank of India, the largest bank by assets, also declined for the first time in five days. All the three shares carry one-fifth weightage on the Sensex.
Similarly, the wide-based National Stock Exchange index Nifty lost 26 points at 5276.90, after touching a high of 5,348.60 and a low of 5,224.00 points.
The major pull to the market came in from stocks of realty, oil and gas, information technologies, capital goods and tech segments.
Afternoon update
Mumbai: The Bombay Stock Exchange benchmark Sensex lost 162 points, or 0.9%, to 17,953 during the afternoon trade. Twelve out of 13 industry indexes on the exchange fell.
The wide-based National Stock Exchange’s Nifty plunged 66.85, or 1.3%, to 5,236.05.
Reliance Industries Limited, the nation’s largest company by market value, fell for the first time in five days. State-run Oil & Natural Gas Corp. declined after advancing more than 10% in the previous three sessions. State Bank of India, the nation’s largest bank by assets, fell for the first time in five days.
Opening
The Sensex added 141.57 points to 18,256.82 in the first five minutes of trade. Reliance Industries, Infosys and Tata Steel also registered gains.
The wide-based National Stock Exchange’s Nifty rose by 45.70 points to 5,348.60 points.
Buying activity gathered momentum following reports of Anil Ambani’s Reliance Power planning to offer bonus shares to compensate for losses to the investors on the first day of its listing.
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First Published: Mon, Feb 18 2008. 04 19 PM IST
More Topics: Stocks | Open | Sensex | Nifty | BSE |