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Kargil Effect: Sensex crashes 4 pc (155 points) to 3700 level

The Bombay Stock Exchange opened on a subdued note on Friday morning, the last day of the settlement, following unconfirmed reports that Pakistan has shot down an Indian Air Force helicopter in the Kargil region of Kashmir, where a war-like situation prevails.

Pivotals witnessed a mixed trend. Software stocks were steady on institutional and speculative buying. NIIT and Satyam were among the rocksteady stocks, thanks to institutional buying. Commodity and cyclical stocks were weak due to profit-booking.

Pharmaceutical stocks were also steady with Novartis leading the way. Fast moving consumer goods were steady; HLL was still in demand. HPCL, which announced impressive financial results yesterday, hit the lower limit of the circuit-breaker.

Overall, the losses seemed set to grow and the outlook for the rest of the day and the next week was negative.

The 30-share benchmark index, the Sensex, opened on a negative note, and by noon was hovering around the 3700 level, down 155 points (4 per cent) from Thursday's close.

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