Sensex dips below 10k level, Nifty below 3k mark

Sensex dips below 10k level, Nifty below 3k mark

Mumbai: The Bombay Stock Exchange benchmark Sensex dipped below the 10,000-points level at midsession on Tuesday on aggressive selling by funds in heavy-weight stocks led by RIL and Infosys.

The 30-share index tumbled by 546.02 points at 9,988.14 at 12:45pm. It had fell below the crucial 10,000-level on 6 November.

The wide-based National Stock Exchange’s index Nifty also cracked 3,000 level by dropping 157.40 points at 2,990.85 at the same time.

Shares of Reliance Industries dropped by Rs90.05 at Rs1,213 and Infosys Technologies by Rs77.30 at Rs1,261, together having nearly one-fifth weightage on the Sensex.

The stock markets ran out of steam after a two-day surge as worries about recession resurfaced, pulling down the benchmark Sensex by 400 points in late morning trade.

Tracking weak global cues, the 30-share index dropped to 10,135.51 at 11am, a net loss of 400.65 points or 3.71% from its previous close.

The broader 50-share Nifty of the National Stock Exchange also fell by 108.15 points to 3,040.10 at 11am from its last close.

Brokers said lingering worries about global recession as well as a decline in India’s exports overrode the impact of China’s massive stimulus plan.

India’s exports declined by 15% in October this fiscal, for the first time in five years, due to the global slowdown.

The market sentiment was partly affected by reports that the key oil and gas projects of India’s largest private sector company Reliance Industries are unlikely to meet its previously-announced commissioning schedules.