Sensex sheds over 322 pts, falls to 3-year low levels

Sensex sheds over 322 pts, falls to 3-year low levels

Mumbai: Amid reports of a weak overseas trend, the Bombay Stock Exchange benchmark Sensex tumbled to three-year lows by losing over 322 points on panic selling by investors and funds.

In its seven-day-long falling streak, the Sensex, which had lost over 1,762 points in the last six trading sessions, fell further by 322.77 points at 8,451.01, a level last seen in November 2005, as stocks of realty, banking and metal segments recorded major losses. It touched the day’s low of 8,316.39 points.

Similarly, the 50-share National Stock Exchange index Nifty also lost 81.85 points at 2,553.15 after touching the day’s low of 2,502.90 points.

Marketmen said reports of deepening financial crisis in the US markets and the Japanese stocks falling below 8,000-point level mainly influenced the trading.

Besides, the trading sentiment in the Asian region was also swayed by the US stock markets falling to the five-year low levels, they said.

Selling pressure picked up as the Japan’s stock market fell below 8,000 points level and the US stocks closed at five-year low levels overnight.

Heavy-weight stocks of ICICI Bank suffered heavy losses by falling by Rs27.35, or 7.87% at Rs320.35 Reliance Industries by Rs74.55, or 6.58% at Rs1,058.60 and Infosys Technologies by Rs44.75, or 3.82% at Rs1,127.25. All the three carry nearly 25% weightage on the Sensex.