Sensex sheds 100 points, ends below 16K

Sensex sheds 100 points, ends below 16K
PTI
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First Published: Tue, Jun 03 2008. 05 14 PM IST
Updated: Tue, Jun 03 2008. 05 14 PM IST
The Bombay Stock Exchange benchmark Sensex lost over 100 points to close the day below 16,000 points level on frantic selling in capital goods, IT and bank stocks.
The 30-share barometer, settled the day at 15,962.56, lower by 100.62 points after moving between 15,985.40 and 15,709.51 points. The key index even touched seven-week low during intra-day, but recovered partly. The Sensex had seen these low levels last on 10 April.
The wide-based National Stock Exchange index Nifty also fell by 23.70 points at 4,715.90, after touching the day’s high of 4,739.30 and a low of 4,634.00 points.
The selling pressure gathered momentum on weak global factors. Marketmen said a steep fall in global stock markets after rating agency Standard and Poor’s cut its rating on three of Wall Street’s firms reflected in domestic bourses as well. Renewing concerns over credit losses and a slow global economic growth also impacted the local markets, they added.
They said the downgrading of three biggest companies -- Morgan Stanley, Merrill Lynch and Lehman Brothers Holdings--pulled the financial markets across the globe.
Capital goods sector index suffered the most and lost 287.50 points at 12,521.25, followed by PSU index by 79.64 points at 6,728.19. IT index lost 68.26 points at 4,512.09, metal index by 53.18 points at 16,232.08 and bank index by 57.08 points at 7,397.25.
However, oil and gas index rose by 205.78 points at 10,412.49 and consumer durable index by 28.43 points at 4222.18.
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First Published: Tue, Jun 03 2008. 05 14 PM IST
More Topics: Markets | Stocks | Sensex | Nifty | BSE |