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Business News/ Opinion / Online-views/  Sensex falls 385 points on profit booking
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Sensex falls 385 points on profit booking

Sensex falls 385 points on profit booking

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Mumbai: The Sensex fell 385 points on 5 November on profit booking by funds in heavy-weight scrips of banking, capital goods and refinery sectors.

The 30-share index touched the day’s low of 19,502.45 and a high of 20,009.35 points. It later settled at 19,590.78, down 385.45 points after funds booked profits amid fears that the subprime mortgage crisis would widen.

The wide-based National Stock Exchange index Nifty also lost 85.10 points at 5,847.30. It touched the day’s low of 5,819.60 and a high of 5,948.55 points.

Selling pressure also gathered momentum as the two major Asian markets — Japan and Hong Kong — declined. Japan’s Nikkei 225 Stock Average ended 1.5% down while Hong Kong’s Hang Seng Index slipped 5%.

On the BSE, the bank index declined the most by 233.58 points at 11,007.95. This was followed by BSE capital goods index (334.13 points at 20,052.28, oil and gas (230.89 points at 11,505.54) and metal (291.97 points to 17,401.69).

Afternoon update

Mumbai: In choppy deals, the Bombay Stock Exchange benchmark Sensex lost over 415 points at midsession today on emergence of profit selling at higher levels in banking and capital good sectors.

The 30-share Sensex, which opened with a loss of nearly 177 points, fell further on heavy selling by funds and recorded a loss of 414.66 points at 19,561.57 at 1330 hrs.

Similarly, the National Stock Exchange index Nifty tumbled by 96.80 points to 5,835.60.

The selling pressure was more confined to banking and capital goods sectors, which had recorded handsome gains in last few trading sessions.

Banking index fell by 252.47 points at 10,989.60 and capital goods index by 170.07 points at 20,216.34. Oil and gas sector index lost 212.92 points at 11,523.51 the segment major ONGC stocks fell sharply.

Late Morning Update

Mumbai: Tracking weak Asian cues, the stock market showed some weakness in morning trade and the benchmark Sensex was down by 71 points on profit-booking at higher levels.

Sensex opened past 20K-mark against the close last Friday’s close and fell to a low of 19,799.64 in early trade, before being quoted at 19,904.73 at 10.30 am, down 71.50 points. Nifty also eased by 1.40 points to 5,931.00 at 10.30 am against previous close of 5,932.40.

In Asia, most of the markets were traded down by an average of 1.0 to 3.0% this morning.

Foreign Institutional Investors (FIIs), however, were net sellers to the tune of 1,230.86 crore (provisional) on 2 November while Domestic Institutional Investors (DIIs) purchased shares worth 44.74 crore (provisional) on the same day.

Besides capital goods and consumer durables, all other sectoral indices were quoted in the red while small-cap and mid-cap counters attracted good buying support.

Market Open

Mumbai: Tracking global cues, the benchmark Sensex open lower by over 177 points on the Bombay Stock Exchange Today on heavy selling by funds in bluechip stocks.

The 30-share index, Sensex, lost 176.59 points at 19,799.64 in first the five minutes of trade as index linked stocks of Reliance Industries, Infosys, ITC, ONGC and Tata Steel fell sharply.

Similarly, the wide-based National Stock Exchange went down by 37.40 points at 5,906.35. Heavy selling was sparked by global market like Hong Kong, Japan and Korea.

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Published: 05 Nov 2007, 04:44 PM IST
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