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Sensex tumbles 369 points by close

Sensex tumbles 369 points by close
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First Published: Thu, Aug 14 2008. 04 06 PM IST
Updated: Thu, Aug 14 2008. 04 06 PM IST
New Delhi: The markets ended weak on all-round selling with the benchmark index ending down 2.4% or 369 points at 14,724 levels. It touched an intra-day low of 14,686 levels,
Similarly, the National Stock Exchange benchmark Nifty skidded 98 points to 4,431 levels.
Stock brokers said reports of weakening trend in global markets and lower economic domestic growth forecast for 2008-09 mainly dampened the trading sentiments.
“Oil rebounded on low US inventory and closed above $116 though lower demand has kept the rally in check. The US markets have dropped further on financial sector concerns and Banks and sharply rising oil prices have weighed down Europe,” said a technical analyst with Religare Securities.
Realty counters witnessed heavy sell-off with Indiabulls Real Estate plunging 13.9% or Rs49. Akruti City, DLF Limited, Parsvnath Developers, Unitech Limited and Omaxe Limited were some of the other key losers.
Profit booking was also visible in baking counters. Canara Bank, Union Bank, State Bank of India, HDFC Bank, Bank of Baroda, HDFC Bank and Indian Overseas Bank lost considerable ground in this space.
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First Published: Thu, Aug 14 2008. 04 06 PM IST
More Topics: Markets | Stocks | Sensex | Nifty | BSE |