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Sensex falls below 17k level, down over 900 pts

Sensex falls below 17k level, down over 900 pts
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First Published: Mon, Mar 03 2008. 05 51 PM IST
Updated: Mon, Mar 03 2008. 05 51 PM IST
Agencies
Closing Bell
Mumbai: The markets on Monday plummeted with the benchmark Sensex dropping over 900 points, the biggest fall in the last three weeks, to close below 17,000 level at 16,677.88 points and wider Nifty losing over 270 points to end below 5,000 level.
Analysts said markets took a hit on deepening concerns that credit losses in the US might increase.
The 30-share index on the Bombay Stock Exchange touched an intraday high and low of 17,227.56 and 16,634.63 and points respectively. The BSE barometer finally settled the day at 16,677.88 points, a loss of 900.84 points.
The National Stock Exchange’s Nifty fell below 5,000-points level to close at 4,953, down 270.50 points, after touching the day’s low of 4,936.05 and a high of 5,222.80 points.
Marketmen said the fall was a result of weakening global trend, as the US stocks markets plunged on 29 February after the National Association of Purchasing Management in Chicago said its business barometer contracted due to poor production and employment.
The major contributor to the fall were shares in metal, capital goods, oil and gas, bank, PSU realty, power, IT and auto.
As the selling pressure spilled over a wide-front, small cap stocks index tumbled by 389.78 points to 9,238.35 and midcap index by 315.54 points to 7,364.85. PTI
Afternoon update
Mumbai: Weak global trend on fears of recession in the US market pulled the stock market down with the BSE Sensex tumbling by 684 points at midsession.
The 30-share, Sensex plunged 684.24 points to 16,894.48 at 1230 hours. This was the biggest drop in three weeks, pulling down the key index below 17,000 mark, as all heavy-weight stocks lost substantial ground on selling by funds.
Similarly, the National Stock Exchange index Nifty declined 200 points to 5,022.55 with the selling pressure spread over a wide-front, placing all the sectorial indices, excluding FMCG and auto, down.
Selling pressure emerged on reports of a weakening trend in global stock markets.
Hong Kong share prices opened down 3.5% over worries of inflation and slowing down of domestic growth as well as concerns about the recession in the US economy.
Meanwhile, unperturbed over fall in the stock markets, Finance Minister P Chidambaram today said the downslide reflected happenings in the world market.
“Asian markets have slipped today because of fears of recession in the US, what is happening in India shows that we are not as decoupled as we think we are,” Chidambaram said in reply to a query from Bajaj Auto chairman Rahul Bajaj over the fall in share prices in the Indian markets today. PTI
Pre-noon
New Delhi: Sentiment at the markets continued to remain weak as the Bombay Stock Exchange benchmark was able to recover less than a fifth of the losses it posted in the morning session.
At 11:25 hours the index was 476.01points down at 17,102.01. the Nifty was down 150.10 points at 5073.40. Livemint
Morning
Mumbai: The Bombay Stock Exchange benchmark Sensex plunged by 571 points in early trade today on heavy selling by funds triggered by weak global trend.
The 30-share index, in its first trading after the budget, tumbled 570.75 points to 17,007.97 in the first five minutes of trade.
The Sensex fell by 246 points on Friday, after finance minister P Chidambaram’s budget proposal to increase the short-term capital gains tax to 15%.
Similarly, the Nifty index on the wide-based National Stock Exchange dipped by 171.20 points to 5,052.30 as most of the index related heavy-weight stocks lost notable grounds.
A weaking global trend mainly pulled down the share prices in early trading.
Hong Kong share prices opened down 3.5% today over worries of inflation and slowing down of domestic growth as well as concerns about the recession in the US economy. PTI
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First Published: Mon, Mar 03 2008. 05 51 PM IST
More Topics: sensex | early trade | nifty | BSE | P Chidambaram |