Sensex falls from record level, sheds 395 points at close

Sensex falls from record level, sheds 395 points at close
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First Published: Fri, Oct 12 2007. 04 57 PM IST
Updated: Fri, Oct 12 2007. 04 57 PM IST
By PTI
Closing
Mumbai: The benchmark Sensex fell by over 395 points on 12 October from its record high on the Bombay Stock Exchange today on heavy profit booking by funds after Finance Minister P Chidambaram expressed concern about the steep rise in stocks.
The Sensex, which remained on a record setting spree over the last several trading sessions, fell by 395.03 points to 18,419.04, against the record high level of 18,814.07 set in the previous day’s trading.
Similarly, the second wide-based National Stock Exchange index Nifty plunged by 96.60 points at 5,428.25. It recorded a peak of 5,524.85 points in previous day’s trading.
Chidambaram expressed surprise over the steep rise in stock market barometer Sensex.
Referring to speculators’ playing in the market, he said: “To an extent speculators are taking advantage of Sensex... I think things will cool down.”
Marketmen said the statement came at the fag-end of the market and the Sensex, which commenced the day on a weak note, suffered major losses in the last half-an-hour.
They said the selling pressure pushed 26 of the 30 index kitty stocks down in red.
Morning
Mumbai: The benchmark Sensex fell by over 178 points in early trade on the BSE on 12 October following heavy profit selling by funds.
The 30-share index that was on record making spree and about to touch the 19,000 points mark, plunged by 178.39 points at 18,635.68 in the first five minutes of trade on heavy selling as funds felt that the market rally was overdrawn.
Similarly, the wide-based National Stocks Exchange’s Nifty fell by 58.25 points at 5,466.60 on increased selling in blue-chip stocks led by power and banking segments. The market sentiment also turned bearish following a fall in global stock market.
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First Published: Fri, Oct 12 2007. 04 57 PM IST
More Topics: Stocks | Sensex | Nifty | Markets | Money Matters |