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Sensex reels under economic fears, ends below 9k level

Sensex reels under economic fears, ends below 9k level
PTI
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First Published: Wed, Nov 19 2008. 04 43 PM IST
Updated: Wed, Nov 19 2008. 04 43 PM IST
Mumbai: The Bombay Stock Exchange benchmark Sensex on Wednesday fell sharply from day’s high levels to close down by over 160 points as funds tracking weak trends in overseas markets went back to selling mode.
Stretching the falling-streak to the sixth day in a row, the BSE bellwether index finally closed lower by 163.42 points at 8,773.78.
Relentless selling of the past six days have shaved off a whopping 1762.38 points. As the barometer closed below 9,000 level for the second straight day, consumer goods stocks and banking shares took a a toll on their prices.
The barometer had surged nearly 300 points or 3.3% and traded above 9,000 level in early trade before selling pressure emerged pulling down the Sensex steeply.
Mirroring the high volatility, the key index oscillated in a wide of range of between 9,236.27 and 8,726.80 points - a a staring difference of over 500 points.
Similarly, the wide-based National Stock Exchange index Nifty fell by 48.15 points at 2635.00.
Marketmen said share prices Japan - which slid into recession after seven years - fell and the yen rose as risk averse investors were worried about the deepening damage to corporate profits and consumer spending.
The dampening sentiment in Japan reflected in local bourses as well, they said, adding that aweak opening in London Stock Exchange further fuelled the downtrend.
While capital goods shares were the worst hit, banking stocks continued to suffer for the second day. Power, tech and metal counters also came under selling pressure.
However, ITC Ltd, Ranbaxy Lab, Mahindra and Mahindra and Maruti Suzuki rose cushioning the the losses to an extent.
Among the 30 constituents in the Sensex, 25 scrips recorded losses while five remained in positive zone.
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First Published: Wed, Nov 19 2008. 04 43 PM IST
More Topics: Stocks | Indian Markets | Trade | Sensex | BSE |