Sensex tanks 723 pts in pre-close trade

Sensex tanks 723 pts in pre-close trade

New Delhi:The Bombay Stock Exchange benchmark Sensex on Wednesday plummeted by over 723 points in pre-close trading on major sell-off by funds as well as retail investors, taking cues from melting global markets.

The 30-share Sensex nosedived by 723.10 points, or 6.40%, to 10,760.30 at 3:15pm, while the wide-based Nifty was down by 194.10 points, or 5.25% at 3,324.55 as all the index-linked stocks traded lower.

Selling pressure gathered momentum after the London Stock Exchange’s FTSE fell sharply by over 3% in opening trade and Hong Kong’s Hang Seng index sank by over 4%.

The markets continued to take a beating in the afternoon, with the sensex losing 497.25 points at around 12:35pm to 10,986.15, and the top 500 scrips on the Bombay Stock Exchange shedding as much as 3.93%.

As many as 1,849 stocks declined, compared with 469 advances, while 49 scrips remained unchanged.

The capital goods, consumer durables and metals counters led the decline, shedding 8.33%, 6.41% and 6.10% respectively.

Larsen and Toubro topped the list of losers, shedding as much as 10.81% to Rs896.40, followed by Zee telefilms, which lost 8.69% to Rs147.05. Others losers of the afternoon included BHEL (7.93%, Rs1377.00), Sterlite Industries (7.75%, Rs300.05) and Tata Steel (7.49%, Rs282.10).

In comparison, GAIL topped the list of gainers, rising 1.59% to Rs259.55, followed by Sun Pharma (1.37%, Rs1,403.00) and Bharat Petroleum (1.08%, Rs352.20)