Sensex ends below 10k level, touch over 2-year lows

Sensex ends below 10k level, touch over 2-year lows

Mumbai: The Bombay Stock Exchange benchmark Sensex on Friday sank to more than two-year lows under 10,000 points on panic selling by funds and general investors.

After a promising start, the Sensex dropped by 606.14 points, or 5.73%, to 9,975.35, a level last seen in June 2006. The key-index dipped to 9,911.32 during the day and a high of 10,786.93.

Similarly, the wide-based National Stock Exchange index Nifty tumbled by 194.95, or 5.96%, to 3074.35 after touching the day’s low of 3046.60 and a high of 3335.95 points.

Marketmen said the Sensex dipped to the lowest level in over two years on concerns of a sharp global economic slowdown and sluggish corporate earning.

They said a series of measures announced by the government and the Reserve Bank of India failed to check rising capital outflow by foreign funds.

The market barometer turned significantly down as market major Reliance Industries dropped by 6.58%, DLF Ltd. by 10.34%, Bharti Airtel by 7.47%, ICICI Bank by 5.61% and State Bank of India by 8.42%.

Sector-wise, Realty stocks suffered the most as segment index meltdown by 10.25% at 2,524.89 followed by Power sector index by 8.09% at 1,712.27.