Markets cuts gaining spree, Sensex down 511 pts

Thursday, November 6, 2008 at 2:11 am

Snapping its five-session winning streak, the benchmark Sensex today dropped over 500 points in
a volatile trading which saw brisk selling on oil & gas counter.

The barometer on the Bombay Stock Exchange opened higher by over 300 points, later came under selling pressure and closed the day lower by 511.11 points, or 4.81 per cent, at 10,120.01 points. Brokers said profit selling at existing levels brought the bellwether index down.

During the day, the 30-share index just fell short of 11K level at 10,945.41 but it also dipped to almost below 10K level at 10,051.52 points, mirroring the high volatility.

The wide-based National Stock Exchange index Nifty also tanked 147.15 points, or 4.68 per cent, at 2,994.95 points.

Reliance Industries, the heaviest among the Sensex club, tumbled by 12.76 per cent to Rs 1,269.45 on reports that the firm has shut five of its polyester units. With RIL losing , the sectoral index suffered the most among all indices today by shedding 637.40 points, or 9.44 per cent at 6112.11 points.

Metal index fell by 402.93 points, or 6.88 per cent, at 5,451.74 points with segment major Tata Steel plunging 10.05 per cent at Rs 215.75, after the world’s biggest steel maker ArcelorMittal announced to slash production on slackening demand and prices of the alloy.

Realty stocks, led by DLF Ltd and Unitech India, met with heavy selling at existing levels, pulling the segment index down by 135.44 points, or 5.64 per cent at 2,267.00 points.

Capital goods index dropped by 350.93 points at 7,591.64, PSU index by 143.13 points at 4,935.52, Bank index by 107.10 points at 5,633.94, auto index by 63.74 points at 2,727.82, Teck index by 58.13 points at 2,142.67, power index by 44.46 points at 1,736.92, FMCG index by 33.66 points at 1,927.53, consumer durable index by 17.49 points at 2,108.29 and IT index by 15.60 at 2,734.35.

Smallcap index fell by 70.33 points at 3,964.78 and midcap index by 51.61 points at 3,394.61. However, bucking the trend, healthcare index gained 33.84 points at 2,913.22.

(Agencies)

( This post is from an independent writer. The opinions and views expressed herein are those of the author and are not endorsed by APakistanNews.Com.)

Markets cuts gaining spree, Sensex down 511 pts

From World:

Todays news from Business News

Advertisement

Email Subscription

Advertisement