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Rediff.com  » Business » 565 pts! 2nd largest Sensex fall

565 pts! 2nd largest Sensex fall

Source: PTI
Last updated on: May 17, 2004 21:31 IST
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The market closed with the second-largest fall of 565 points on Monday in the worst-ever volatility, even as the BSE authorities suspended the trading twice during the first half of the session in a bid to mitigate the damage.

The BSE Benchmark 30-share Index which had crumbled by about 800 points -- the largest-ever intra-day fall -- to an intra-day low of 4227, later staged a smart recovery on the back of heavy purchases by financial institutions before settling at 4505 -- still showing a fall of 564 points.

This, however, was the second-largest fall for the BSE Sensex. On April 28, 1992, the Sensex fell by a record 570.42 points (12.77 per cent) to close at 3,869.90 due to the exposure of securities scam and SEBI asking stockbrokers trade data registration.

The S&P CNX Nifty too dropped 194 points or 12.46 per cent to close at 1388.75.

The Sensex, which commenced 49 points lower at 5,021, lost 356 points to 4,714 when the first halt was implemented at 1015 am. After an hour's delay, the trading commenced but the index, within a span of three minutes, tanked further to 4,227, forcing the operators to go for a second interruption.

The trading re-commenced in early noon deals and the index soon pared its losses following Manmohan Singh's assurance that the government would implement a market-friendly policy.

ONGC plummeted 12.84% (Rs 93) to Rs 630. SBI also came under relentless selling pressure, and tumbled 13.18% (Rs 68) to Rs 447.

While BHEL slumped 20.32% (Rs 102) to Rs 398, HPCL pared its losses on renewed buying to end 5% weaker (Rs 17) at Rs 315. MTNL also ended weak with a loss of 7.71% (Rs 9) at Rs 107.

Reliance dropped 15.35% (Rs 73) to Rs 404. While ITC crashed 9.46% (Rs 86) to Rs 828, HLL lost 15% (Rs 21) to Rs 120.

Infosys plunged 10.92% (Rs 555) to Rs 4,527. While Wipro tanked 18.36% (Rs 284) to Rs 1,262, Satyam declined 5.95% (Rs 19) to Rs 293.

Grasim came off from its early lows to end 5.81% lower (Rs 63) at Rs 1,018. While L&T dipped 9.82% (Rs 50) to Rs 463, Gujarat Ambuja slumped 11.32% (Rs 35) to Rs 276. ACC was down 7.74% (Rs 21) at Rs 246.

Bajaj lost 7.49% (Rs 68) to Rs 845. While Hero Honda dipped 8% (Rs 35) to Rs 407, Tata Motors shed 8.75% (Rs 36) to Rs 377.

HDFC Bank tanked 20.63% (Rs 74) to Rs 286. Hindalco (down Rs 24 or 2.66% to Rs 866), HDFC (down Rs 37 or 6.81% to Rs 504), Bharti (down Rs 8 or 5.81% to Rs 135) and ICICI Bank (down Rs 26 or 9.92% to Rs 239) ended with losses.

Reliance Energy plunged 25.55% (Rs 164) to Rs 477. While Tata Power scaled down 19% (Rs 62) to Rs 262, Tisco lost 9% (Rs 26) to Rs 263.

Zee, however, spurted 6.44% (Rs 7) to close at Rs 121.

Cipla shed 12.78% (Rs 32) to Rs 216. While Dr. Reddy's dipped 6.15% (Rs 52) to Rs 788, Ranbaxy dropped 6.29% (Rs 65) to finish at Rs 970.

(With additional inputs from PTI)

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