Sensex plunges 282 pts; metal, oil, realty suffer most

Sensex plunges 282 pts; metal, oil, realty suffer most


Mumbai: Sensex failed to hold on to its early gains and slid 282 points on the Bombay Stock Exchange on on selling by funds in heavy-weight stocks led by metal, oil and realty firms.

The Sensex, which had almost touched the 18,000-point by surging 209 points in the morning trade, ended with a loss of 281.97 points at 17,491.39. The key-index recorded the new intra-day peak of 17,982.59 and a low of 17,322.17 points.

The wide-based National Stock Exchange’s Nifty dropped by 100.75 points to 5,085.10 after touching a high of 5,249.30 and a low of 5,024.75 points.

Led by Tata Steel, metal index fell by 532.75 points to 13,589.61 and touched a low of 13,343.17 during the day. Realty stocks followed suit as segment index lost 348.14 points to 9,283.22, followed by oil sector index by 312.15 points to 9,797.65.

PSU index dropped by 316.37 points to 8,024.81.

Capital goods index fell by 296.96 points to 15,443.63, bank index by 239.64 points to 8984.86, healthcare index by 116.90 points to 3,709.31, auto index by 94.85 points to 5,270.71 and consumer durable index by 84.14 points to 4,657.41.

However, information technology index gained 30.04 points to 4,770.31 on expectations of a better quarter earning after dollar rebounded from recent lows on encouraging US data released on Friday.

Mumbai: The benchmark Sensex on 8 October soared by 209 points, missing the 18K mark by a few points, in the initial five minutes of trade on Bombay Stock Exchange due to strong global cues.

Later, the market reacted negatively to fears of political crisis, even as Congress last night sought to downplay the remarks of its president Sonia Gandhi against opponents of Indo-US nuclear deal.

The BSE barometer, Sensex, which touched the all-time intra-day peak of 17,982.59 following strong trend in global markets this morning, later fell to 17,618.77 points before being quoted at 17,673.95 at 1030 hrs. It was down by 99.41 points from Friday’s close of 17,773.36.

Similarly, the broad-based S&P CNX Nifty of the National Stock Exchange (NSE) touched a new peak of 5,249.30, but later came under pressure and was quoted at 5,136.40, a loss of 49.45 points from previous close of 5,185.85.

Left parties on 7 October took strong exception to UPA Chairperson Sonia Gandhi’s comments against those opposing the Indo-US civilian nuclear deal and alleged that Congress was forcing elections on the country.

Reacting negatively to the fresh political development, investors resorted to across-the-board sell-off in a bid to safeguard their positions, fearing crisis at the Centre.